Huang Songping, spokesperson with the General Administration of Customs (GAC) speaks at a press conference on China's import and export information of the first three quarters of the year 2016 held by the State Council Information Office (SCIO) in Beijing, on Oct.13, 2016. (Xinhua Photo)
BEIJING, Oct.13 (Xinhua)-- The depreciation of the Chinese yuan has limited impact on boosting China's trade, a senior customs official said Thursday.
Chinese yuan depreciation might benefit domestic exporters, but would also raise the import costs of production materials as processing trade still remained a major part of of China's trade pattern, said Huang Songping, spokesperson with the General Administration of Customs (GAC) at a press conference.
An economy's currency fluctuations could have a mixed impact on trade growth due to cross-border cooperation along the global industrial value chain, undermining the boosting effects for exports, Huang added.
China's exports in yuan-denominated terms fell 5.6 percent year on year in September, while imports increased 2.2 percent, customs data showed Thursday.
The Chinese yuan continued a weakening streak against the U.S.dollar after the renminbi was officially included in the SDR currency basket on Oct.1.
The entry would allow exporters to use the renminbi as a pricing currency during trade and cross-border investment and help reduce foreign exchange rate fluctuation risk and exchange costs, Huang said.
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BEIJING, Oct. 11 (Xinhua) -- The central parity rate of the Chinese yuan continued to weaken Tuesday after hitting a six-year low against the U.S. dollar Monday. Analysts say this indicates the yuan's exchange rate has entered a new float range and the currency will stay basically stable against other currencies.
The central parity rate of the renminbi, or the yuan, weakened 90 basis points to 6.7098 against the U.S. dollar Tuesday, according to the China Foreign Exchange Trading System. Full story
China's September exports down 5.6 pct, imports up 2.2 pct
BEIJING, Oct. 13 (Xinhua) -- China's exports in yuan-denominated terms fell 5.6 percent year on year in September, while imports increased 2.2 percent, customs data showed Thursday.
Foreign trade in the first three quarters was down 1.9 percent from a year earlier to reach 17.53 trillion yuan (2.61 trillion U.S.dollars), with exports dropping 1.6 percent and imports falling 2.3 percent,according to figures from the General Administration of Customs (GAC). Full story
