The appreciation of RMB is relative to other currencies, that is, the purchasing power of RMB is enhanced. The reason of RMB appreciation comes from the internal motivation and external pressure of China's economic system. The internal influencing factors are balance of payments, foreign exchange reserves, price level and inflation, economic growth and interest rate level. 20 12, the RMB exchange rate has been in a state of ups and downs. By 20 12, 10, 15, the spot exchange rate of RMB against the US dollar hit a new high since 1993.

Various coping measures

Some export enterprises have taken various active measures to deal with the risks brought by exchange rate instability. Some enterprises will consider the exchange rate factor when signing contracts with foreign investors. Both parties will agree on a risk ratio acceptable to both parties as an additional clause of the contract. Usually, each side bears 50% of the risks, and domestic enterprises will bear more risks if they meet stronger foreign businessmen. At present, the commonly used exchange rate hedging methods of enterprises include: trade financing, using financial derivatives, changing the way of trade settlement, raising the price of export products, switching to non-US dollar currency settlement, increasing the proportion of domestic sales, using foreign exchange wealth management products, etc.

Trade financing tools

Trade financing is the most widely used hedging method for enterprises at present. About 3 1% of the surveyed sample enterprises adopt this method. [1] The main reasons include: First, trade financing can better solve the capital turnover problem of foreign trade enterprises. With the rapid growth of China's foreign trade export in recent years, the competition among export enterprises has become increasingly fierce, and the foreign exchange collection period has been continuously extended. Enterprises urgently need to solve the cash flow problem between export shipment and foreign exchange collection period. Through short-term trade financing methods such as export bills, export enterprises can obtain funds from banks in advance, effectively solving the problem of capital turnover. At the same time, enterprises can also lock in the foreign exchange quota in advance to avoid the risk of RMB exchange rate changes. Second, the cost of trade financing is relatively low. In the composition of trade financing methods, import and export bills account for a high proportion (about 80%), mainly because export bills have a short term (generally within 1 year), which can better alleviate the liquidity shortage of foreign trade enterprises. In addition, some enterprises also use forward trade financing methods such as forfaiting.