RMB appreciation will weaken the competitiveness of domestic petrochemical products
Qiu Xiaofeng, oil analyst at China Merchants Securities, said that the appreciation of the renminbi will impact domestic petrochemical producers' price competition advantage, and the price competitiveness of domestic petrochemical products in the international market will weaken. Qiu Xiaofeng pointed out: "Compared with developed countries, most of our petrochemical products are not competitive in price and quality. With the further appreciation of the renminbi, our export situation of petrochemical products will deteriorate. However, Chinese oil refiners will greatly benefit from it. The appreciation of the renminbi, because most of China's crude oil depends on imports."
Other analysts have also stated that the RMB exchange rate reform may affect export-dependent industries such as the textile and cement industries, but in the long run, the reform will benefit China. Ma Jun, chief economist at Deutsche Bank Hong Kong, said: "The RMB exchange reform will help reduce the trade tension between China and the United States, and at the same time it will promote China's economy from export-oriented to consumer-driven." The United States has repeatedly demanded that China allow the yuan. appreciation. Analysts said that exchange rate reform will also help China limit inflation and asset bubbles. Guo Tao Junan Securities analyst Wei Tao said: "We expect this year's RMB exchange rate against the dollar will appreciate 3% -5%."
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