The yuan joined the US dollar, the euro, the yen and British pound in the IMF's special drawing rights (SDR) list of currencies that countries can receive as part of IMF loans. It marks the first time a new currency has been added since the euro was launched in 1999. According to economist Nguyen Minh Phong, the change will have both positive and negative impacts on Viet Nam's economy. He suspects China will now have to restrain its devaluation of the yuan in order to take more responsibil

The average salary of laborers in the textile and garment sector has increased by 12% this year compared to last year, shows a survey of online recruitment provider JobStreet.com. Data of JobStreet.com showed Vietnamese apparel employees can earn US$402-604 per month each, equivalent to only half of that in Malaysia, 25% of Singapore, 1.1 times lower than in the Philippines but 1.2 times higher than in Indonesia. The wage is also higher than the country’s average salary of US$384-582 per p

China's economic growth is expected to stay "around 6.7 percent" in the fourth quarter of 2016 and for the whole year as major indicators point to stabilization, a report showed Thursday. Investment, consumption and industrial output all improved in recent months due to government stimulus and recovering upstream industries, according to a report released by a financial research institute with the Bank of China (BOC). "The downward pressure has been somewhat reduced, but the economy remain

CHINA’S currency moved slightly yesterday with banks offering ample dollars to meet demand from companies for greenback just days before the yuan is included into the International Monetary Fund reserve basket. Traders told Shanghai Daily that the government wants to see yuan traded within a narrow range of guidance rate when it is about to officially enter the IMF’s reserve basket, known as Special Drawing Rights, tomorrow. The spot market of yuan opened at 6.6724 yuan per dollar and was

CHINA'S foreign trade remains under heavy downward pressure due to increasing uncertainties, despite improved export and import data in August, an official has said. The difficulties are not short-term problems, with uncertain and unstable factors increasing, Shen Danyang, spokesman for the Ministry of Commerce, said. Foreign trade improved markedly in August, customs data showed in September, with exports and imports rising 5.9 percent and 10.8 percent respectively, the first time since N

To grab the market share vacated by Chinese apparel manufacturers, India's Clothing Manufacturers' Association of India (CMAI) has signed a memorandum of understanding with China Chamber of Commerce for Import and Export of Textiles (CCCT) to explore potential areas of mutual co-operation for increasing apparel exports from India. India's apparel export stood at $17 billion for the financial year 2015-16. With Rs 5,000 crore package approved to boost the entire apparel sector, the government

Rising hostilities between India and Pakistan have brought their $822 million-a-year trade in cotton to a juddering halt, as traders who are worried about uncertainty over supplies and driven by patriotism hold off signing new deals. The nuclear-armed rivals have seen tensions ratchet up in the past few months over the disputed territory of Kashmir, and cotton traders in both countries said they were watching developments along the de facto border with alarm. -- Pakistan a key market for Indi

Textile Raw Material Price 2016-10-07 Item Price Unit Fluctuation Date Crude Oil WTI 47.83 USD/Barrel 1.66% 2016-10-07 Crude Oil Brent 49.24 USD/Barrel 1.13% 2016-10-07 PX 792 USD/Ton 0.64% 2016-10-07 PTA Buy 4590 RMB/Ton 0.99% 2016-10-07 PTA Sell 603 USD/Ton 0% 2016-10-07 MEG Buy 5155 RMB/Ton 1.28% 2016-10-07 MEG Sell 625 USD/Ton 1.46% 2016-10-07 CPL Buy

Due to unfavourable market conditions and continuous losses, another textile unit was shut down in Pakistan. Sajjad Textile Mills Limited, has announced its closure while 110 textiles mills have already closed their operations mainly due to increasing cost of doing business.The company stated in a filing with the stock exchange that the board of directors of the company in its latest meeting had decided to suspend the manufacturing operations of the Company with immediate effect. Sajjad Texti

In the midst of economic problems, Azerbaijan president Ilham Aliyev has pinned hopes on revival of the cotton sector to bring the country's revenue back on track. Large decline in oil prices, cuts in public investment, currency depreciations, and the slowdown in trading partners' economies have all affected the economy of the former Soviet republic. Stating that higher cotton yields were urgently needed to replenish Azerbaijan's greatly diminished state coffers, Aliyev has issued an order on