US Dollar Exchange Rates of 29th June 2010
China Yuan 6.7965
Report from China
Sharp jump in sawnwood imports through Suifenhe Port
According to statistics from Suifenhe Customs, during January to April sawnwood imports through Suifenhe Port jumped 96% to 250 000 cu.m. The total value of these sawnwood imports was US$65 million, up 148% from the same period in 2009.
Following Russia’s action in raising export duty on logs, most of China’s timber importers have reduced log imports in favour of high quality sawnwood which is more economic. Sawnwood imports through Suifenhe Port account for one third of the total sawnwood imports into China.
China Flooring Patent Union established to enhance competitiveness
The establishment of the China Flooring Patent Union (CFPU) has been announced by Chinese flooring enterprises in Beijing. The union was initiated by Yekalon Group and Dewei Group.
These two industry groups hold patents for flooring technology and they are also experienced in international lawsuits. The close cooperation between the groups is expected to play an important role in generating technological innovations and defending legal rights overseas.
The Union aims at bringing together domestic flooring enterprises with their technical innovations and establishing a patent innovation platform. The Union is planning to set up an innovation and technology fund to improve the competitiveness of participating enterprises by introducing new technologies. The members of the Union are authorised to use the Union’s patent technologies for business purposes.
The Union will work with universities and research organizations to enhance research and development in the sector.
First “zero tariff” Indonesian furniture store in Shanghai
The 8th China Shanghai International Furniture Expo 2010 was held on 2-4 June 2010 in Shanghai. According to reports from the expo, the first Indonesian furniture store marketing tariff free furniture is due to be opened in Shanghai in the second half of 2010. The ASEAN / China Free Trade Agreement removed tariff on furniture trade between China and Indonesia. The trade agreement came into effect in January 2010.
More than 300 enterprises from Denmark, Hongkong, Japan, South Korea and from 20 domestic provinces and cities participated in the expo. The Chinese domestic enterprises showcased 100 different kinds of furniture products and interior decoration products. All together 35 Indonesian furniture enterprises were presented at the expo.
Jian’ou City is China Bamboo Charcoal Industry Base
In Jian’ou City, there are more than 50 bamboo charcoal producing enterprises with a total annual production exceeding 30 000 tones and is said to be worth RMB160 million. As the country’s biggest bamboo charcoal producer, Jian’ou City was recently nominated the “China Bamboo Charcoal Industry Base” by the Chinese Bamboo Industry Association.
Jian’ou City of Fujian Province has 77 900 hectares of bamboo forest, the largest area in China. The bamboo industry is the major contributor to the local economy in Jian’ou City.
RMB poised to appreciate against the US dollar
China has allowed its currency to move more freely. In the past few days, the exchange rate against the US dollar moved up to 6.7858, the highest since July 2005. The Chinese government is said to be paving the way for a smooth G-20 summit by allowing the appreciation of RMB.
The appreciation of the RMB will make Chinese exports more expensive in global markets but at the same time it strengthens the purchasing power of Chinese consumers. Thereby, the appreciation increases imports and eases trade imbalances with major trading partners. The net effect of declining Chinese exports and increasing domestic consumption on the tropical timer trade is difficult to assess at present but imports of wood products are expected to rise.
|
