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Under the background of the appreciation of the renminbi, enterprises are avoiding exchange rate risks. Under the background of the appreciation of the renminbi, the foreign exchange bureau has paid more and more attention to the need for corporate exchange rate hedging. The SAFE recently issued the "Notice on Cancellation and Adjustment of the Examination Authority and Management Measures for Foreign Exchange Business of Some Capital Projects" (hereinafter referred to as "Notice"), and the "Notice" canceled the approval of deferred payment overdue registration in the management of trade credits. The cancellation of the prepayment of the remittance in the trade credit registration management, in addition, the "Notice" also clearly increased the proportion of prepaid payment under the trade credit from 30% to 50%, the "Notice" will be June 1 this year Implemented from day to day. The head of a foreign exchange business line of a Beijing branch of a state-owned bank told the China Business News that the simplification of the deferred payment procedure in the Notice indicated that the foreign exchange bureau had to face up to the enterprise in anticipation of the future appreciation of the renminbi. The need for hedging and the increase in the proportion of prepaid payment bases reflect the monetary authorities’ desire to reduce foreign exchange reserves. Ready to expand the exchange rate volatility? The above-mentioned state-owned large-scale bankers said that the two approvals for the cancellation of the Notice were originally under the foreign debt management project, and the simplified management measures reflected the importance attached by the foreign exchange bureau to enterprises' demand for exchange rate fluctuations. She explained to reporters that in the case of RMB appreciation, the more the corporate payment is pushed, the greater the benefits. Before this, the foreign exchange bureau managed the deferred payment very strictly, and the appropriate relaxation showed that the foreign exchange bureau tried to make the enterprise less subject to RMB appreciation. Shock. Recently, as the voice of the renminbi exchange rate has widened, a foreign media has quoted an official of the People’s Bank of China, who asked not to be named, to increase the bilateral exchange rate and increase bilateral volatility and curb unilateral speculation. The up and down fluctuation range is intended to be expanded again from the current five-thousandth of the intermediate price. If the exchange rate volatility is widened, the most likely scenario is the unilateral appreciation of the renminbi. It is foreseeable that the demand for exchange rate appreciation will increase. At present, China's foreign exchange market has already had derivative products such as forwards, swaps, and options. The RMB foreign exchange option was officially launched on April 1 this year. However, due to factors such as small fluctuations in exchange rates, the trading of RMB foreign exchange options is very inactive. Under this circumstance, the relaxation of the management of deferred payment provides a way for enterprises to avoid risks. The "Notice" stipulates that if a company applies for deferred payment withdrawal registration after 120 days (including) of the customs declaration date of the import declaration, it is not necessary to go to the local foreign exchange bureau to go through the formalities for approval of the overdue registration. The trade credit registration management system will not specialize it. The red mark processing; if the enterprise prepaid payment occurs, it can directly log in to the trade credit registration management system to go through the cancellation procedures, and handle the procedures for the receipt of the refunded funds according to the current account foreign exchange management regulations. In addition to reducing foreign reserve deferred payment, the concern is that foreign exchange bureau also increase the proportion of prepaid basis under trade credit terms, up from the original 30% to 50%. The foreign exchange bureau will determine the amount of the payment amount of the import enterprise in the previous fiscal year. The proportion of the prepaid payment in the next fiscal year will be multiplied by 30%. However, for the import enterprise, the business amount may change greatly. Last year's quota was not necessarily enough this year. The above-mentioned state-owned big bankers said that the amount of advance payment facilitated business operations on the one hand, and on the other hand, the country’s idea of ​​gradually reducing foreign exchange reserves. “With 20% of advance payment, the overall foreign exchange reserve will also be followed. Reduced. The excessive growth of foreign exchange reserves has now become a difficult problem for China's macro economy, and monetary policy has been constrained. According to central bank data, as of the end of March 2011, China’s foreign exchange reserve balance has reached 3.04 trillion US dollars. The current foreign exchange account has become the main channel for China’s base currency. In order to hedge it, only the central bank’s financial cost has passed. Trillion. In addition, the "Notice" also transfers the foreign exchange funds from the state-owned shares of overseas listed companies to the National Social Security Fund for filing; authorizes the branches of the State Administration of Foreign Exchange and the Foreign Exchange Management Department to approve the balance of financing external guarantees for the designated foreign exchange banks registered in the jurisdiction. Other issues are stipulated.