INTERNATIONAL
Textile Raw Material Price 2016-08-08
|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
1031.81 |
USD/Ton |
0% |
8/8/2016 |
|
VSF |
2407.55 |
USD/Ton |
0.19% |
8/8/2016 |
|
ASF |
1892.39 |
USD/Ton |
0% |
8/8/2016 |
|
Polyester POY |
1028.80 |
USD/Ton |
-1.93% |
8/8/2016 |
|
Nylon FDY |
2297.91 |
USD/Ton |
0.66% |
8/8/2016 |
|
40D Spandex |
3424.33 |
USD/Ton |
-20.83% |
8/8/2016 |
|
Nylon DTY |
5600.59 |
USD/Ton |
0% |
8/8/2016 |
|
Viscose Long Filament |
1291.63 |
USD/Ton |
-0.75% |
8/8/2016 |
|
Polyester DTY |
1944.96 |
USD/Ton |
0% |
8/8/2016 |
|
Nylon POY |
2065.11 |
USD/Ton |
0% |
8/8/2016 |
|
Acrylic Top 3D |
1156.46 |
USD/Ton |
-1.28% |
8/8/2016 |
|
Polyester FDY |
2493.15 |
USD/Ton |
0.61% |
8/8/2016 |
|
30S Spun Rayon Yarn |
2988.78 |
USD/Ton |
0% |
8/8/2016 |
|
32S Polyester Yarn |
1787.26 |
USD/Ton |
-0.83% |
8/8/2016 |
|
45S T/C Yarn |
2410.55 |
USD/Ton |
0% |
8/8/2016 |
|
45S Polyester Yarn |
3138.97 |
USD/Ton |
0% |
8/8/2016 |
|
T/C Yarn 65/35 32S |
2388.02 |
USD/Ton |
0% |
8/8/2016 |
|
40S Rayon Yarn |
1952.47 |
USD/Ton |
0% |
8/8/2016 |
|
T/R Yarn 65/35 32S |
2327.95 |
USD/Ton |
-0.64% |
8/8/2016 |
|
10S Denim Fabric |
1.38 |
USD/Meter |
0% |
8/8/2016 |
|
32S Twill Fabric |
0.84 |
USD/Meter |
0% |
8/8/2016 |
|
40S Combed Poplin |
1.19 |
USD/Meter |
0% |
8/8/2016 |
|
30S Rayon Fabric |
0.70 |
USD/Meter |
0% |
8/8/2016 |
|
45S T/C Fabric |
0.67 |
USD/Meter |
0% |
8/8/2016 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.15019 USD dtd 08/08/2016)
The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
India's decision to impose definitive anti dumping duty on purified terephthalic acid (PTA) imports from China, Iran, Taiwan, Indonesia and Malaysia may have an adverse impact on Surat, India's biggest manmade fibre fabric hub. Quoting industry sources, the Times of India, said the anti-dumping duty on PTA imports will create a monopoly of big spinning houses, due to which, small and medium-scale spinners in Surat and Mumbai will suffer. “This will further escalate yarn prices by Rs 3 to Rs 5 per kilogram in the domestic market, thereby increasing the final cost of the polyester fabric manufactured in Surat,” they said. As per the government notification, PTA imports from China, Iran, Taiwan, Indonesia and Malaysia will attract duty ranging between $85.67 and $168.76 per ton. The resultant high import duty will prevent small spinners in Surat and other places in the country from importing PTA, the main raw material for manufacturing polyester yarn.
Surat Art Silk Cloth Manufacturers' Association (SASCMA) secretary Dinesh Zaveri told TOI, "There is an urgent need for anti-dumping duty on fabrics and not PTA imported from China and other foreign countries.” “The anti-dumping duty on PTA will certainly monopolise yarn manufacturing business, and big industries will dictate the prices of yarn in the domestic market, which will be increased by Rs 3 to Rs 4 per kilogram," he added.
SOURCE: Fibre2fashion
Indian union minister of state for textile, Ajay Tamta undertook to create one crore employment opportunities in the Indian textile and apparel sector, while addressing a press conference in Dehradun. According to Tamta, the textile ministry would also create huge employment in the industry, following the footsteps of the agriculture ministry, while seeking an export boost from the sector. “We will go all out to widen the net of the ministry to involve as many people as possible to expand employment generation in the industry, he added. “Our target is to promote both the organised as well as the unorganised sector in the industry, to ensure that everybody gets employment,” Tamta informed. On setting up Textile Park's, the minister further said that whichever state wants to set up a Textile Park, would need to fulfill four to five conditions. He also added that the ministry was currently working on a Rs 1,000-1,500 crore cluster park and also a Rs 15,000-25,000 crore mega cluster park.
SOURCE: Fibre2fashion
The Textile Association India (TAI) is organising the World Textile Conference-2 on September 16-17, 2016 at Hotel Sahara Star, Mumbai. According to TAI, the conference will also focus on manufacturing strengths of the textile industry in China, Vietnam, Malaysia, Indonesia, Korea, Japan, etc. The conference will also see eminent speakers from all over the world address delegates and the association has planned to invite them from countries like Pakistan, Sri Lanka, USA, Australia, etc. Textile trade associations from several countries too have evinced interest in participating, which includes those from China, Korea, Vietnam, Cambodia, Bangladesh and Pakistan. There will also be panel discussions where leaders of these associations will participate and also a roundtable meet, where they will meet leaders of Indian textile businesses. The conference is supported by the Ministry of Textile, Government of India and the Government of Gujarat as partner state, while other states too have shown their interest in supporting the conference.
SOURCE: Fibre2fashion
The Ministry of Skill Development and Entrepreneurship (MSDE) and the Ministry of Textiles signed a memorandum of understanding (MoU) to develop the Indian handloom industry with skill development. “MSDE and the textiles ministry have chalked out a new strategy for promoting production and marketing of high value quality handloom products,” an official press release said. At present, 28 Weavers Service Centres (WSCs) across the country are providing technical assistance to handloom weavers, which are the nodal agency for carrying out skill up-gradation training in the sector. "Spinning, dyeing, 'beem bharai', designing and weaving, are all traditional skills, but have never been realised formally. We must revive interest in these skills and make them viable, paying and valued,” the release added. The press release informed that the MoU was signed in the presence of union minister for textiles Smriti Irani, who is steering the vision of scaling the handloom and textile sector to new heights.
SOURCE: Fibre2fashion
The Odisha government unveiled a special scheme to provide financial assistance to senior and skilled handloom weavers of the state on the occasion of National Handloom Day. Under the scheme, weavers over 60 years of age, who have worked over 20 years would receive financial assistance of Rs 500 per month while weavers over 80 years of age with the same experience will receive Rs 700. According to chief minister Naveen Patnaik, who announced the scheme, the government has implemented various schemes by providing them with houses, solar lanterns and handloom equipment. Snehangiri Chhuria, the textile and handloom minister said textile inspectors will visit the house of each weaver to find out their requirements in order that their livelihood may be improved. “Site specific surveys will help the government to do its best to solve the problems, as requirements of the weaving community differ from region to region,” she added.
SOURCE: Fibre2fashion
India International Textile Machinery Exhibition (ITME) 2016 is set to emerge as a major textile machinery expo globally. With over 1,000 exhibitors confirming participation – slated between December 3 and 8 at the Bombay Convention and Exhibition Centre in Mumbai – the 10th edition of ITME will be touching the numbers of ITME Europe, which is considered the biggest expo in the textile machinery space, organisers said.
Road shows
“We still have about 350 to 400 companies, both from India and abroad, waitlisted for want of space,” said Sanjiv Lathia, Chairman, India International Textile Machinery Exhibitions Society (India ITME Society). Lathia and his team were in the city as part of road shows at various locations in India and abroad. “The focus is to attract a wider audience. We have conducted such outreach/ marketing and networking events in Bangladesh, Turkey and Sri Lanka for the first time. We will be doing similar shows in Africa, Ethopia, Egypt, Vietnam and Indonesia in the coming months,” said Seema Srivatsava, Executive Director, India ITME Society.
Countdown
The countdown has begun for the event, which is supported by the Department of Heavy Industries, Textile Ministry,Industrial Extension Bureau (INEXTB), the Gujarat government and 73 international industry associations. The organisers expect a footfall of 1.50 lakh visitors over the six days of the expo. At least 8 new product launches for spinning, 7 in processing and 9 in weaving, totalling 25, is planned. Notwithstanding repeat exhibitors, ITME 2016 will also see participation by 162 new companies, of which 132 are Indian and 32 foreign, Lathia said. The focus this time would be on green technology and waste water management for textile units.
SOURCE: The Hindu Business Line
With the Lok Sabha unanimously passing a constitution amendment enabling Goods and Services Tax (GST) Bill, the Federation of Indian Chambers of Commerce and Industry (FICCI) on Monday said it would be privileged to work with and support the Central and State Governments in enabling a timely and hassle-free roll out of GST in India. “The approval of the Constitutional Amendment Bill in the Lok Sabha today marks crossing of another milestone in the journey towards introduction of a Goods and Services Tax (GST) regime in the country. Industry eagerly looks forward to the implementation of this uniform and simplified tax regime. It is expected that GST will lead to easy tax compliance and improve India’s competitiveness in the global arena”, said Mr. Harshavardhan Neotia, President, FICCI. Asserting that the implementation of GST will be a big incentive for bringing new investments into India and eventually will foster the growth of the Indian economy, Neotia further said that FICCI would be privileged to work with and support the Central and State Governments in enabling a timely and hassle-free roll out of GST in India. Meanwhile, the Confederation of Indian Industry (CII) also welcomed the passing of the Constitution (One Hundred Twenty Second Amendment) Bill 2014 related to the Goods and Services Tax (GST) by the Lok Sabha today. ‘‘With Both Houses passing the Constitutional Amendment Bill, the road is now clear for the next stage – passage by atleast half of State assemblies, before it is assented by the President of India. We look forward to the positive movement and with the passage of the Bill, it is expected that implementation of GST with effect from 1 April 2017 will become a reality’’, said Mr Chandrajit Banerjee, Director General, CII.
Following the historical development, Union Finance Minister Arun Jaitley asserted that it was a very important step forward in unifying the indirect tax structures in India. “Both Houses of Parliament have approved it and what is important that they have done it by a unanimous vote, which shows the larger political consensus on this issue. It of course now moves to the states and we’ll try to request the states to grant the approval expeditiously,” Jaitley told the media here outside the Parliament.
Echoing similar sentiments, Congress vice-president Rahul Gandhi hailed the passage of the bill and asserted that the issue relating to the 18 percent cap of GST rate will be taken up by his party in December. Gandhi while addressing the media said, “Earlier we had three major differences in regard to the GST. We’ve worked out the differences. There is one issue which is the 18 percent issue and we feel that it is a very important issue that there is a cap. Because we are worried about inflation resulting from no cap, we will discuss about it in December. But overall, it is a good step.” Last week, the GST Bill was passed in Rajya Sabha with the thumping majority of 203 votes. The All India Anna Dravida Munnetra Kazhagam (AIADMK) members, however, walked out of the Upper House and abstained from voting After its passage in the Lok Sabha, the Bill will go to the state assemblies for ratification. The Bill needs to be ratified by half of the assemblies to become a law. After the amendments are carried out, Parliament will pass the GST and Integrated GST Bills and the assemblies will pass state GST Bill for the roll out of the tax reform in the country. The chief ministers have assured that if required they would call a special session for the passage of the Bill in their state assemblies. The GST is aimed at bringing uniform tax regime in the country by subsuming state levies. Under it, a single rate of GST will replace various taxes to ensure seamless transfer of goods and services.
SOURCE: The Financial Express
In the country’s thrust for the biggest tax reform in decades, the Lok Sabha on Monday approved the Constitution amendments to the Goods and Services Tax (GST) Bill which were cleared by the Rajya Sabha last week. The Lok Sabha had passed the Bill on May 6 which was taken up and cleared by the Rajya Sabha on August 3. When the amendments to the Bill were put to vote on Monday, Lok Sabha members passed the Bill with complete majority. The Bill got 429 ‘Ayes’ and zero ‘Nos'. Prior to the vote, AIADMK leader P Venugopal had said that the party wasn’t satisified with Finance Minister Arun Jaitley’s clarification and AIADMK members staged a walkout, just like it did in the Rajya Sabha last week. Now the Bill will be sent to President Pranab Mukherjee for a stamp of approval after which states will have to get it approved in their respective assemblies. During the debate in the Lower House of the Parliament, Prime Minister Narendra Modi thanked parties for their support to the Bill. He said that GST will end tax terrorism.
SOURCE: The Moneycontrol
The rupee today fell by 7 paise against the US currency to close at 66.84 on fresh dollar demand from banks and importers on the back of strong dollar in overseas markets. Firm stock markets as well as consistent foreign capital inflows failed to restrict the rupee’s fall against the dollar, a Forex dealer said. The rupee opened lower at 66.85 a dollar as against last closing level of 66.77 a dollar at the Interbank Foreign Exchange (Forex) market. It hovered in a range of 66.71 and 66.8575 before ending at 66.84 a dollar, showing a loss of 7 paise or 0.10 per cent. The domestic currency had gained 22 paise or 0.33 per cent in the previous two trading days.
SOURCE: The Hindu Business Line
The international crude oil price of Indian Basket as computed/published today by Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas was US$ 41.38 per barrel (bbl) on 05.08.2016. This was higher than the price of US$ 40.76 per bbl on previous publishing day of 04.08.2016.
In rupee terms, the price of Indian Basket increased to Rs. 2765.10 per bbl on 05.08.2016 as compared to Rs. 2728.63 per bbl on 04.08.2016. Rupee closed weaker at Rs. 66.81 per US$ on 05.08.2016 as against Rs. 66.94 per US$ on 04.08.2016. The table below gives details in this regard:
|
Particulars |
Unit |
Price on August 05, 2016 (Previous trading day i.e. 04.08.2016) |
Pricing Fortnight for 01.08.2016 (July 14, 2016 to July 27, 2016) |
|
Crude Oil (Indian Basket) |
($/bbl) |
41.38 (40.76) |
43.20 |
|
(Rs/bbl |
2765.10 (2728.63) |
2901.31 |
|
|
Exchange Rate |
(Rs/$) |
66.81 (66.94) |
67.16 |
SOURCE: PIB
Textile and apparel manufacturing in the USA is enjoying a resurgence. Even companies based in India and China are investing in US facilities, according to a report in the latest issue of Textile Outlook International from the global business information company Textiles Intelligence. This process of “reshoring” may have been triggered partly by concerns over factory safety and by growing concerns over the safety of chemicals and a lack of traceability. Equally, retailers and brands are being taken to task over environmental sustainability. All of these are easier to monitor and control in US factories than they are in far-off developing countries. At the same time, developments in technology—notably automation and robotics—are enabling US factories to cut their costs while proximity to the market provides producers in the USA with a significant competitive advantage over companies based in distant countries in terms of quick response and market knowledge.
Reshoring would appear to have the support of the public. Almost eight out of ten US consumers say they would rather buy an American-made product than an imported one. And over 60% of them would be willing to pay 10% more for it. However, the resurgence in manufacturing in the USA has been fairly modest and followed substantial losses between 2005 and 2008. Indeed, the US apparel industry still supplies less than 3% of the US domestic market for apparel in volume terms. Also, US apparel imports continue to be dominated by low cost Asian suppliers, reflecting the fact that cost minimisation continues to play a vital role in sourcing decisions. One of the biggest obstacles to reshoring is a desperate shortage of skilled operatives. Moreover, there are not enough people who can do the training. Most of these people retired long ago without being replaced by younger entrants. There is also a lack of skilled technicians who are able to maintain sewing machinery. To fill the gap, migrants are playing an important role in the reshoring of textiles and clothing. In general, migrants have a younger age profile than that of the US population as a whole and, if motivated properly, they are likely to work harder and more energetically than their older counterparts. Besides, economic migrants are, by definition, motivated by the potential for increasing their standard of living and are therefore willing to put in the hours and effort required to achieve this. Above all, many migrants bring with them the sewing skills they acquired in their countries of origin—particularly those migrants who originate in Mexico or other Latin American countries. However, the availability of migrants as a human resource is likely to be limited by public opinion. The subject of migration raises temperatures in most host countries, and there is evidence that the tide is very much against migration on a significant scale.
SOURCE: The AJOT
The Tunisian textile industry is threatened by uncontrolled imports and smuggling, Habib Hzami, general secretary of the general federation of textile, clothing and leather and footwear at the Tunisian General Labour Union (UGTT), said on Sunday. Local production now accounts for only 20 per cent of the goods available for purchase on the local market. "Anarchic importation without respecting the quota principle and the proliferation of smuggling and parallel trade today threaten the survival of several companies in the sector, including those producing mainly for the local market," Hzami told journalists. "More than 300 companies operating in textile, clothing, leather and footwear were closed during the last five years and about 40,000 employees lost their jobs," he added. Hzami also said Tunisia's textile industry continues to survive thanks to exports. The approximately 1,000 fully exporting companies - 50 per cent of companies operating in the sector - are showing over three per cent annual growth, he said. This translates into exports worth 1.2-1.6 billion euros, or four per cent of Tunisia's total exports.
SOURCE: The ANSA Med
The Ministry of Industry will supervise the establishment of a specialised textile and garment zone soon, said Union Minister for Industry Khin Maung Cho. At the meeting on the formation of the central executive committee of the Myanmar Textile and Garment Entrepreneurs Association, the Union minister urged local garment manufacturers to produce goods that meet international standards. The issuance of international-standard certificates to local garment manufacturers would make local entrepreneurs more competitive in the international market, according to a statement released by the ministry. The Union minister also called on officials to strive for the establishment of an international textile laboratory to test products. The specialised textile and garment zone will be equipped to produce raw materials, machines and finished products in a single place. Textile producers in Myanmar currently operate under a ‘cut-make-pack’ (CMP) system, and many ar not in a position to shift to a ‘free-on-board’ (FOB) system. More than 350,000 people are employed at nearly 400 garment factories across the country. Among the nearly 400 garment factories, 171 are foreign-owned; 196 are locally owned; and 22 are joint-ventured factories, according data collected before February 2016.
SOURCE: The Eleven
From October 11-13, 2016, around 5,000 exhibitors from more than 25 countries and regions will participate at Intertextile Shanghai Apparel Fabrics in 10 halls in Shanghai. Intertextile Shanghai's showroom for premium products, SalonEurope will be located in hall 6.2 and will see long term returning pavilions like Milano Unica Pavilion from Italy and also from France, Germany and Turkey. Also housed in SalonEurope are two product zones, Premium Wool Zone and Verve for Design. Premium Wool Zone will feature new and returning exhibitors from France, Japan, Peru, the UK and elsewhere. Verve for Design will once again gather industry-leading design studios from Australia, France, Italy, Japan, Korea, Switzerland, Thailand, Russia and the UK to present their newest designs. Alongside SalonEurope, a total of seven Asian country and region pavilions from India, Indonesia, Japan, Korea, Taiwan and Thailand, as well as a brand new Hong Kong pavilion will be presenting their products. The Hong Kong Zone will feature 10 exhibitors who will display a diverse range of products including chiffon, net yarn, satin, lace, cotton, velvet and Shandong silk and also textile manufacturing technologies. The Japan Pavilion will host 49 companies, including 10 new participants, including well-established manufacturers from textile-producing regions, specialised wholesalers and SMEs.
SOURCE: Fibre2fashion
The Syrian Exporters’ Union to help exporters identify Iranian requirements of the Syrian goods and market their products in the Iranian markets opened a center in Tehran for Syrian exports during a visit by a delegation from the Union, businessmen exporters and producers to the Iranian capital last week. The Exporters Union also announced preparations for launching a series of exhibitions in a number of Iranian cities in some productive sectors which are marketable in the Iranian markets. To start with, an exhibition of textile products will be held next September.
SOURCE: Yarns&Fibers
China’s wall of cotton is coming down. Once the world’s biggest grower of the crop, the country lost that crown to India in the season that just ended in July after depressed prices discouraged plantings. China’s sowings are set to drop again in the 12 months that started on Aug. 1, with harvested acres poised for the lowest since U.S. government data begins in 1960. The smaller Asian crop underscores why money managers have increased their wagers on a rally for cotton futures to the highest in three years. Prices have rallied 21 percent this year, reaching a two-year high last week on signs that the global supply overhang is starting to ebb. World inventories declined last season for the first time in six years, and the reserves will fall further this year as global harvested acres slump to the lowest in three decades, the U.S. Department of Agriculture estimates. “We are starting to solve the glut problem,” said Ben Ross, co-head of commodities at Cohen & Steers Capital Management in New York, which oversees $58.75 billion in assets. “The worst is over for cotton prices because we have begun to re-balance the market.”
Speculator Holdings
Hedge funds and other large speculators increased their net-long holdings in cotton by 13 percent 76,468 to U.S. futures and options in the week ended Aug. 2, according to Commodity Futures Trading Commission data released three days later. That’s the highest since August 2013. Cotton climbed 3.6 percent last week to 76.74 cents a pound on ICE Futures U.S. in New York. Tightening supplies mean that futures could reach 80 cents by the end of the year, according to the average of 14 estimates in a Bloomberg survey. High prices increase the cost outlook for consumers including jeans maker Levi Strauss & Co. and Carter’s Inc., which makes children’s apparel. China’s farmers started shunning the crop in the past few years after prices tumbled from an all-time of $2.197 reached in 2011, when a Texas drought shriveled crops. Futures are still trading about 65 percent below the record. “Prices are not good, and many shift to grow wheat instead,” said Li Xiuli, a farmer in Xinxiang, Henan province, who gave up growing cotton two years ago on his 13 hectares of farmland. “The reduction not only happens here, but also in the whole province."
As Chinese output dropped, domestic prices started trading above world levels. That was a major blow, since the country is the world’s No. 1 consumer. The government responded by starting to unwind its huge stockpiles through auctions. That influx of supply can help to limit price gains. The sales could last another one to two years and could start earlier next year to help ease supply concerns from textile mills, said Xi Jin, manager of monitoring system and international cooperation with the China National Cotton Information Center. The Chinese auctions just supply domestic consumers, and crop problems for other growers will mean that global supplies will be tight. World inventories will probably be smaller than the USDA estimated last month because of dryness in India and the U.S., the world’s top exporter, a Bloomberg survey showed. The agency will update its global outlook on Aug. 12.
Output in India may drop to an eight-year low amid dry weather in its top-producing region, Gujarat, and as the waning effectiveness of genetically-modified cotton prompts some farmers to switch crops. The country’s production will decline about 10 percent in the season starting Oct. 1, according to K.R. Kranthi, director at the state-run Central Institute for Cotton Research. Kelli Merritt, a fourth-generation cotton grower in Lamesa, Texas, is optimistic about further price gains as crop concerns mount for her state, the No. 1 U.S. grower. Recent dryness has pushed soil moisture about 1 foot beneath the surface for her cotton planted in dryland on her 1,500 acres. About 350 of her acres are drip-irrigated and the rest is dryland. “The weather in Texas has been very dry,” Merritt, 58, said. “A few weeks ago, the crop looked amazingly good, and now every few days we can see how much it goes down because of the lack of rain. If we don’t get rain in next week, our crop yield is going to go down considerably.”
SOURCE: The Bloomberg
Singapore’s latest estimate of second-quarter gross domestic product is likely to confirm sluggish growth in the April-June quarter, with the outlook clouded by concerns over Brexit and weakening global demand. The median forecast in a Reuters survey of 13 economists predicted that gross domestic product (GDP) in the April-June quarter expanded by 0.8 percent from the previous three months on an annualised and seasonally adjusted basis. That would be the same as the government’s advance estimate of second-quarter GDP released on July 14.
Economic growth in Singapore is likely to remain slow compared with recent years, said Hayato Nakamura, a senior economist for Bank of Tokyo-Mitsubishi UFJ. He expects growth to be held back by the “stagnation of global trade”, particularly in Asia, as well as high business costs, which have eroded the competitiveness of the city-state’s manufacturing sector. The second quarter economic survey of Singapore, with detailed breakdowns of growth by industry, is set to be released on Thursday, Aug. 11 at 8 a.m. local time (0000 GMT). Year-on-year GDP growth is expected to match the advance estimate of 2.2 percent, according to the median forecast in the Reuters survey. Some economists say the government might announce a revised forecast for 2016 growth, after the Monetary Authority of Singapore (MAS) said last month that the official forecast of 1-3 percent growth was under review. The growth forecast might be tightened to “about 2 percent”, said Song Seng Wun, an economist for CIMB Private Banking.
MAS Managing Director Ravi Menon said last month that the central bank’s current monetary policy stance remains appropriate and only a marked worsening in the global economy or significant shift to the inflation outlook would prompt a change. The MAS said it was closely watching risks related to Britain’s vote to leave the European Union, the U.S. economic recovery and the slowdown in China. In April, the MAS unexpectedly eased policy by setting the rate of appreciation of the Singapore dollar’s policy band at zero percent.
SOURCE: The Financial Express
China’s exports in yuan-denominated terms rose 2.9 percent year on year in July, while imports fell 5.7 percent, customs data showed on Monday. That led to a monthly trade surplus of 342.8 billion yuan (US$51.5 billion), up 34 percent from one year earlier, according to figures from the General Administration of Customs.
SOURCE: The Global Textiles
The yuan strengthened slightly against a basket of currencies in July, according to latest data released by financial services provider China Foreign Exchange Trade System (CFETS). The yuan exchange rate composite index, which measures the yuan's strength relative to a basket of currencies including the U.S. dollar, euro and Japanese yen, came in at 95.34 at the end of July. That marked a 0.34 percent appreciation from 95.02 a month earlier, CFETS said in an article published on its website. Market analysts attributed the yuan's recent strengthening to a stabilizing trend in global foreign exchange market after the influence of Brexit abated.
China's central bank reaffirmed on Friday that it will keep the yuan exchange rate basically stable at a "reasonable and balanced" level, improve the exchange rate formation mechanism, and accelerate the development of foreign exchange market. The yuan exchange rate composite index was first released in December 2015 to offer a more comprehensive reflection of exchange-rate changes. Previously, market watchers had mainly fixated on the yuan-U.S. dollar rate. In July, the index that measures the yuan against the Bank for International Settlements (BIS) currency basket strengthened 0.01 percent month on month to 96.1, while that against the Special Drawing Rights (SDR) basket appreciated by 0.24 percent from a month earlier to 95.99, according to the CFETS.
SOURCE: The Global Textiles
