In the first half of 2006, the net losses arising from currency conversion to the 52 publicly listed textile and apparel manufacturers totaled 16.32 million yuan versus 9.52 million yuan in exchange losses to the same manufacturers in the whole year of 2005.
The statistics shows that in this first half year, the net losses of the 52 textile and apparel makers suffered from currency conversion was 1.8 times of that in last year, with such losses of seven firms above million yuan.
Therefore textile and apparel industry has become the least optimistic trade over the expectation on RMB appreciation.
Fibre2fashion, News Desk - China
marketing@alchempro.com
