The exchange rate of RMB in foreign exchange transactions indicated that one US dollar was converted into 7.5170 yuan on September 19, 2007, according to the Bank of China. Therefore, the tariff rate of import and export goods in October 2007 will be calculated at US $1 = 7.5170 yuan. Cotton and textile enterprises should take attention to that.
According to No. 53 Notice 2005 published on October 31, 2005 by the General Administration of Customs, the applicable monthly exchange rate for the imports and exports of the month should be the foreign exchange conversion price of Bank of China, on the third Wednesday of the month (if the third Wednesday is a statutory holiday, it is deferred to the fourth Wednesday).
Of these, the foreign exchange conversion prices of Bank of China against Hong Kong Dollar, US dollar, Yen and Euro are the same with the close prices of a previous day announced by People's Bank of China.
Fibre2fashion, News Desk - China
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