Renminbi on the shore has achieved its biggest increase in more than two years

 The data show that the spot exchange rate of the offshore RMB against the US dollar closed at 7.0107 yuan on August 13, rising 922 points or 1.3% all day, the biggest one-day increase since January 5, 2017, and the highest rise in the day was from 7 yuan to 6.9980 yuan.

Devaluation has certain benefits for export-oriented enterprises, especially small-scale manufacturing industries.

In terms of sub-industries, the A-share market will undoubtedly benefit from export-oriented industries, among which textile and clothing, toys, shoes and hats will be the biggest beneficiaries. The textile and apparel industry is highly dependent on exports. On the one hand, the depreciation of RMB will help companies reduce costs and improve product competitiveness, and enterprises will get more orders. On the other hand, it will help export-oriented enterprises to obtain exchange earnings. The devaluation of the RMB means that the purchasing power of foreign currencies will be enhanced, which will further stimulate consumption and benefit toy industry exports.