The exchange rate of RMB on the shore rose more than 100 points against the dollar.

In July 9th, the offshore RMB exchange rate rose to more than 100 points against the US dollar. Meanwhile, the offshore RMB exchange rate rose nearly 200 points and was around 6.64. As of 9:35, the offshore and offshore RMB exchange rates were 6.6347, 6.6420 respectively.

On the same day, the central parity of RMB against the US dollar was depreciated by 57 basis points, 6.6393, and two days in a row.

People’s Bank of China senior research fellow should say that the renminbi is approaching the relative equilibrium level, and the future is more inclined to wide band two-way fluctuation rather than unilateral depreciation. Once the US dollar index weakens, the renminbi will resume its appreciation.

Dragon Boat Festival in China

Dragon Boat Festival in China

The Dragon Boat Festival (Duanwu Festival, Duānwǔ Jié, Double Fifth, Tuen Ng Jit) is a traditional holiday that commemorates the life and death of the famous Chinese scholar Qu Yuan (Chu Yuan). The festival occurs on the fifth day of the fifth month on the Chinese lunisolar calendar.

What Do People Do?

The Dragon Boat Festival is a celebration where many eat rice dumplings (zongzi), drink realgar wine (xionghuangjiu), and race dragon boats. Other activities include hanging icons of Zhong Kui (a mythic guardian figure), hanging mugwort and calamus, taking long walks, writing spells and wearing perfumed medicine bags.

All of these activities and games such as making an egg stand at noon were regarded by the ancients as an effective way of preventing disease, evil, while promoting good health and well-being. People sometimes wear talismans to fend off evil spirits or they may hang the picture of Zhong Kui, a guardian against evil spirits, on the door of their homes.

In the Republic of China, the festival was also celebrated as “Poets’ Day” in honor of Qu Yuan, who is known as China’s first poet. Chinese citizens traditionally throw bamboo leaves filled with cooked rice into the water and it is also customary to eat tzungtzu and rice dumplings.

Public Life

The festival was long marked as a cultural holiday in China. However, it wasn’t until 2008 that the Dragon Boat Festival was recognized as a traditional and statutory public holiday in the People’s Republic of China.


Many believe that the Dragon Boat Festival originated in ancient China based on the suicide of the poet and statesman of the Chu kingdom, Qu Yuan in 278 BCE.

The festival commemorates the life and death of the famous Chinese scholar Qu Yuan, who was a loyal minister of the King of Chu in the third century BCE. Qu Yuan’s wisdom and intellectual ways antagonized other court officials, thus they accused him of false charges of conspiracy and was exiled by the king. During his exile, Qu Yuan composed many poems to express his anger and sorrow towards his sovereign and people.

Qu Yuan drowned himself by attaching a heavy stone to his chest and jumping into the Miluo River in 278 BCE at the age of 61. The people of Chu tried to save him believing that Qu Yuan was an honorable man; they searched desperately in their boats looking for Qu Yuan but were unable to save him. Every year the Dragon Boat Festival is celebrated to commemorate this attempt at rescuing Qu Yuan.

The local people began the tradition of throwing sacrificial cooked rice into the river for Qu Yuan, while others believed that the rice would prevent the fishes in the river from eating Qu Yuan’s body. At first, the locals decided to make zongzi in hopes that it would sink into the river and reach Qu Yuan’s body. However, the tradition of wrapping the rice in bamboo leaves to make zongzi began the following year.


A dragon boat is a human-powered boat or paddle boat that is traditionally made of teak wood to various designs and sizes. They usually have brightly decorated designs that range anywhere from 40 to 100 feet in length, with the front end shaped like open-mouthed dragons, and the back end with a scaly tail. The boat can have up to 80 rowers to power the boat, depending on the length. A sacred ceremony is performed before any competition in order to “bring the boat to life” by painting the eyes. The first team to grab a flag at the end of the course wins the race.

The zong zi is a glutinous rice ball with a filling and wrapped in corn leaves. The fillings can be egg, beans, dates, fruits, sweet potato, walnuts, mushrooms, meat, or a combination of them. They are generally steamed.

It is said that if you can balance a raw egg on its end at exactly noon on Double Fifth Day, the rest of the year will be lucky.

The hanging of calamus and moxa on the front door, the pasting up pictures of Chung Kuei, drinking hsiung huang wine and holding fragrant sachets are said to possess qualities for preventing evil and bringing peace. Another custom practiced in Taiwan is “fetching noon water,” in which people draw well water on the afternoon of the festival in the belief that it will cure all illnesses.

The Ministry of foreign affairs responded to the White House statement: changing the face is a loss to the credibility of the country

It is reported that the US White House issued a statement on 29 days that the US side will publish a list of China’s major industrial and technical products of US $50 billion by June 15th and will impose a 25% tariff on it. At the regular press conference of the Ministry of foreign affairs in May 30th, a reporter asked China for further comment on the matter.


Foreign Ministry spokesman Hua Chunying said that the spokesman of China’s Ministry of Commerce had responded to this question last night. I think everyone’s feeling is the same. In international relations, every change of face and rejection is another loss and waste to the credibility of our country. The US side’s statement is obviously contrary to the consensus reached recently between China and the United States in Washington. We urge the US dialect and trust to follow the Chinese side according to the spirit of the joint declaration.

Hua Chunying said that China has always advocated that the economic and trade differences should be handled and solved in a constructive manner through an equal dialogue and consultations and in a constructive way. This is in line with the fundamental interests of the two countries and the people of the two countries, as well as the common expectation of the international community. “In other words, China does not want to fight, but it is not afraid of a trade war. The soldiers will come to block the water. If the United States persists in its willfulness and rash conduct, China will take resolute and effective measures to safeguard its legitimate interests.

Trade confrontation between the United States and China in the black face strategy

In a statement issued in May 29th (2018), the White House stated that the final list of China’s “301 tariff” will be published before the middle of this year, and the United States will announce the investment and export controls and restrictions on Chinese individuals and entities by the end of June, with the aim of important scientific and technological industries.

The president of the United States Trump repeatedly stressed that he and President Xi Jinping China good personal relations, more at the continental United States sanctions for violation of the ban on communications equipment manufacturers ZTE to intercede, also admitted will consider whether to sell Xi Jinping in the face “ZTE case”, which is caused by the two world a call.

In addition, Liu He, vice premier of the State Council, visited the United States and talked with American officials. He subsequently accepted the visit of Chinese official media to claim that “the United States and China have reached consensus, do not fight trade wars, and cease to impose tariffs on each other.”

Although Steven Mnuchin, the American negotiator and finance minister, later accepted American media visits with Liu He, the White House statement today showed that the administration of trade policy, plus the opinion of Congress, would not allow China to take the green light of the “direct White House” route. Although China’s trade war has been suspended, it has not been terminated. The practice of levying tariffs is about to be implemented.

The White House lists four key points, emphasizing the “unfair trade policy” of the Sichuan general assembly against China, with the exception of “China made 2025”, and a number of China’s unfair trade as well as the cause of the United States.

The White House pointed out that according to the 301 clause of the trade law, the United States launched a survey of China for 25% tariffs on Chinese commodity courses worth $50 billion and contains important industrial technology. The White House also mentioned that the final product list, including the products related to the “China made 2025” program, will be in June. It was announced 15 days ago.

The United States will also implement specific investment restrictions and strengthen export control for the Chinese individuals and entities to acquire important industrial technologies, and the relevant measures will be announced by June 30th.

The White House also points out that the U. S. trade representative’s trade discrimination against China is suing the World Trade Organization (WTO) and negotiating with China through the WTO dispute settlement mechanism, and it will continue.

The White House accusations about China revolve around “injustice”, including unfair trade in China for many years. It has been a cheap, unfair and reciprocal trade in the United States. Especially, industrial policy made by “China made 2025” has hurt American and global enterprises; China’s aggressive way of trying to get American Enterprise technology is broken. Bad creativity and creativity of the United States, the United States employment injury; against unfair trade Chinese as Donald Trump will come forward; Trump will protect American innovation and creativity.

The interpretation of internal Trump government in the trade of China approach highlights the hawks and doves of the contest, but the key is still in spite of the president of the United States have decision-making power strong, the American system is different from Chinese “one day”.

Since, Trump ZTE intercede rare bipartisan consistent criticism, show the Democratic balance (Check and Balance) yuan, by promoting legislation, let Trump unable to respect the president’s easy for ZTE green light.

The administrative departments of the duties, in charge of trade policy of the United States trade representative Trump according to the memorandum signed by the relevant public launched “301” to levy tariff mechanism, obviously, with Trump friendship, call process is still unable to stop the administrative department to start, but the administrative department intends to limit the specific investment resorted to the And strengthening export control has also been supported by legislative departments.

Bowen (Bown), a senior fellow at the Peterson Institute for International Economics (PIIE), points out that this shows that trade wars in the United States and China will “no longer be shelved”, but the focus will be on what impact China’s counteraction will have on American agricultural and energy exports.

Bowen pointed out that if the Beijing impression is Trump has set aside 301 “tariffs”, the White House statement will make China so-called “independent” buy American products and expand the import complex.


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The American Textile Association strongly supports Trump levy 301 tariff on Chinese textiles and garments.

In May 17th, the United States Trade Representative Office (USTR) held a hearing on China’s 301 tariff in Washington, D.C., and the president and CEOAuggieTantillo of the National Textile Association (NCTO) of the United States attended the hearing and testified.

“The US textile industry strongly supports the 301 clause of the Trump administration to punish China’s rampant intellectual property theft.” Auggie Tantillo said at the meeting.
“The US textile industry urges the Trump administration to include textiles and clothing products in retaliatory 301 tariff measures against China.” Tantillo added that China’s predatory, illegal trade operations, including intellectual property theft, have caused millions of losses in American manufacturing jobs, including thousands of jobs in the textile industry.

“China’s leading position in the global textile market is obviously being helped by its rampant theft of intellectual property rights in the United States. From the patent infringement of high performance fibers, yarns and fabrics to the copyright infringement of textile household goods, China has gained a price advantage through flagrant illegal activities. A 301 tariff on China’s textiles and clothing exports will send a late signal to China that these predatory acts will no longer be tolerated. ” Tantillo said.

In addition to Tantillo’s hearing testimony, NCTO, the American Industrial Textile Association (USIFI) and Narrow Fabrics Institute (NFI) submitted a joint statement of up to 24 pages as part of the open comment procedure of the office of the United States trade representative. A statement before USTR said that the public could submit written comments to the trade representative office on the list contents and tax rates by May 11th.
In April 3rd, the office of the United States trade representative published a list of Chinese goods to be imposed on tariffs on the basis of the results of the “301 survey”, involving about $50 billion worth of goods imported from China each year.

NCTO is a trade association headquartered in Washington, D.C., representing textile manufacturers in the United States.
The following are some related data on the textile and apparel industry in the United States in the past two years.

In 2017, the number of employees in the US textile supply chain reached 550500.
In 2017, shipments of textiles and clothing in the United States amounted to $77 billion 900 million.
US exports of fibre, textiles and clothing amounted to US $28 billion 600 million in 2017.
In 2016, total capital expenditures for textile and clothing production amounted to US $2 billion 400 million.

What influences China’s industry will be affected

For a trading power like China and the United States, the outbreak of trade war is not good for both sides. For China, the industry with large exports is the first to bear the brunt of the current export of more products in the United States including mechanical and electrical, clothing, toys and so on, these industries are bound to be greatly affected.
In addition, the United States specifically accused “China is suspected of violating intellectual property rights in the United States and forcing us companies to transfer technology”. As a result, China’s more influential companies in the US, as well as those with American technology companies, may also be directly affected or even investigated.
In fact, the trade friction between the United States and China has never stopped. From 1980 to 2016, the United States launched 262 trade relief surveys on Chinese products, involving a total of 28 billion 220 million US dollars, averaging at least 7 per year. According to the statistics of the United States International Trade Commission, by the end of March 2017, there are 110 anti-dumping duties on Chinese products and 43 countervailing duties, with a total of 153.
From the industry perspective, China’s textile and garment industry is also facing severe trade friction in the first half of this year. According to statistics, in the first half of the year, China’s products suffered from 37 cases of trade relief investigation from 15 countries and regions, including 28 anti-dumping cases, 4 countervailing measures, 5 safeguard measures and a total amount of $5 billion 300 million. From the perspective of country, 12 cases were registered in India, and 11 in the United States, ranking the top two.

In recent years, most of the countries in the field of textile and clothing are concentrated in the developing countries. However, in the first half of this year, the US cases reproduced in the United States. This new trend needs our government departments and related enterprises to attach great importance to it. In June of this year, the United States launched a double counter survey on my polyester staple. It was once again 6 years later on the investigation of the textile and garment industry. The trend behind the development of the textile and garment industry is worth paying attention to. Among them, the anti-dumping investigation is targeted at China, India, South Korea, Vietnam and Taiwan, China. Countervailing investigations are directed against China and India. The dumping investigation period is from October 1, 2016 to March 31, 2017; the subsidy survey period is 2016. In 2016, the total exports of products to the US amounted to about US $80 million.

China’s textile and apparel exports to the United States increased by 5.7%, and export challenges and opportunities coexist.

In the first quarter of this year, China’s exports to the United States accounted for 16.7% of the total textile and clothing exports, up 5.7% over the same period last year. From the point of view of export structure, clothing export is the main factor, textile exports are subsidiary, garment exports accounted for 70.7% in the first quarter, and textile exports accounted for 29.3%. China and the United States have a huge trade surplus in the textile and garment trade. The cumulative trade volume of China’s textile and clothing in the first quarter is 293 billion 150 million dollars, of which 9 billion 610 million US dollars, imports 180 million US dollars, and the total trade surplus of 9 billion 430 million US dollars.

Trade friction between China and the United States is a hot topic of concern at this Canton Fair. At present, textile and clothing products are not listed in the first round of tariff products, while the second round of both China and the United States released products related to the textile industry. If trade frictions continue to escalate, the textile industry will be affected in the second half of the year.

The U. S. Department of commerce data shows that in 1-2 months of 2018, the top four exporters of American textile and clothing were China, Vietnam, India and Bangladesh, which accounted for 35.8%, 10.9%, 6.9% and 5% respectively. At present, China still occupies an absolute advantage. As the second largest textile and garment import market in the United States, Vietnam is most likely to undertake the transfer of orders because of its relatively perfect industrial matching, low production cost and abundant labor. The Sino US trade friction will make Vietnam take advantage of the favorable conditions and snatch China’s export to American textile and clothing orders, which is a severe challenge for Chinese textile and clothing enterprises.

Most exhibitors believe that in the light of the interests of domestic buyers, the United States will not add tariffs to textile and garment products. The textile industry in the United States has long shrunk seriously, and it has no direct effect on the US manufacturing industry. As China is the most complete textile and apparel industry chain, no country in the world can compete with it. In addition, with the acceleration of the global layout of China’s textile industry, many Chinese enterprises have been laid out in Vietnam and other Southeast Asian countries in recent years. Even if the United States levies taxes on imported Chinese textiles, the impact on such enterprises is limited.
Sino US textile trade friction has a long history. In the most difficult time, it did not stop the development of China’s textile industry, but accelerated the upgrading of China’s textile industry. In the face of Sino US trade friction, enterprises should speed up transformation and upgrading, strengthen themselves, look for the general trend and enhance their ability to resist risks.

South Korea’s minimum wage and shorter working hours policy still lacks supporting programmes

According to the South Korean media, the Korean congressional environmental labour Commission held a public hearing in April 11th (2018) and listened to the comments of the minimum salary Committee for the revision of the minimum salary range. At present, there are still differences in bonuses, welfare fees and accommodation costs.

It is pointed out that the “bonus” is still the most controversial point. If only the “monthly bonus” is calculated, differential treatment will be generated according to the “monthly” and “monthly” payment methods. The South Korean Minimum Wage Commission launched a consultation on labor and capital in March to discuss whether the “regular bonus” was included in the minimum salary calculation. Because of the failure of the consultations, the issue was submitted to the Congress for consideration. It was not expected that the Congress was in the state of opposition to the country because of the “broadcasting law” and so on. South Korea’s small and medium-sized business owners have criticized that Congress should pass the resolution as soon as possible, so that enterprises can find solutions accordingly.

There has been no progress in improving the “shortened man hour” policy. The “flexible working hours system” of the relevant supporting measures will be carried out from the second half of the year, according to the 10 basic month of the South Korean Ministry of employment. The Korean industry has criticized that since July this year, more than 300 large companies should be formally introduced to shorten the time of labor policy, and the government has acted slowly and has not taken care of the adaptation time of the private industry.