Devaluation of RMB to improve the international competitiveness of China

Recently, the devaluation of the people's name currency has affected the development of all aspects, including it will strike the export of engineering machinery in India.

Because as China promotes RMB devaluation, India's construction machinery and textile exports will be hit hard, because Chinese products will be more competitive, while Indian Iron and Steel Company is worried that cheaper products from China may further enter India.

The India industry and Commerce Association said that for India, the depreciation of the RMB may mean "three strikes": the rupee upheaval is intensified, exporters are facing more competition, and China is dumping more products to India.

The depreciation of the renminbi means that the profits of German enterprises are falling in China.

To mitigate the impact of China, German companies have to save money elsewhere. Solveen said companies would first consider adjusting investment in Germany, and may even consider layoffs.

In addition, European stock markets such as Paris, Milan and Frankfurt have also fallen, down by about 3% and the London stock market down by 1.6%.

From this, it can be seen that the depreciation of the RMB is very favorable to the export trade of our country, but the economy is changing, and we still look at it.