Data from the China Foreign Exchange Trading Center showed that on September 28, the RMB mid-price against the US dollar was 7.1107, a 385 point lower, hitting a new low since June 2, 2020. After that, the exchange rate of offshore RMB against the US dollar immediately fell below the 7.2 mark, and then further fell below the 7.21 and 7.22 marks.
Previously, People's Bank of China announced that it would raise the foreign exchange risk reserve ratio for forward foreign exchange sales business from 0 to 20% from September 28. This is also the second time this month that the central bank took action to stabilize the exchange rate of .
US dollar exchange rate has risen strongly, and many sellers have begun to exchange foreign exchange. However, exchange rate fluctuations have been strong in recent years, and some sellers believe that it is better to wait and see, and stability is the key.
Anke Innovation stated in its financial report that the company's overseas sales accounted for 96.49%. If foreign exchange fluctuates frequently and significantly, it may have an impact on the company's performance, mainly manifested in affecting the price competitiveness of product exports and product procurement costs. If the company fails to take effective measures to deal with the exchange rate risk , it may have an adverse impact on the company's profit level.
In addition, the pound exchange rate against the US dollar continued to fall. On September 26, the Asian market fell 4.9% to 1 to 1.0327, setting the lowest level since the British currency adopted the decimal system in 1971.
At the same time, enterprises are strengthening their awareness of exchange rate risks. The latest data released by the State Administration of Foreign Exchange shows that in the first eight months of this year, the scale of enterprises using foreign exchange derivatives to manage exchange rate risks increased by 28% year-on-year, pushing the hedging ratio to 25%, an increase of 3.1 percentage points from the whole year of 2021.
