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HK dollar remains1 relatively2 strong against RMB as the banknote in Hong Kong is pegged3 to the US dollar.
After the RMB hit its highest point against HK dollar in early 2014, it has depreciated4 by some 10 percent as of now, which means it is cheaper to purchase vegetables, meat and other products from the mainland.
But according to a food mart owner Li Fung Nin, the purchase prices of canned food and cookies are 3 to 4 percent lower, but only a few stores will offer cheaper retail5 prices.
"There is a trend of rising cost in labor6, logistics, rents, water and electricity. And as the Lunar New Year is approaching, we will have to spend more on transportation and labor, so they have counter effect to the devaluation of RMB. "
At the same time, Deputy Director of Fresh Meat Coalition7 Kwan Kwok Wah says the price of meat is more dependent on supply rather than the exchange rate.
人民币贬值对港币影响不大
"We will keep a close watch on the price. If they have sufficient supply on the mainland, they will export to Hong Kong regardless of the performance of RMB, because the price sold to Hong Kong must be higher than that to the mainland."
But a weaker RMB does have an impact on Hong Kong, as tourists find the price rather expensive in the famously duty-free city.
"It is more expensive here. I saw a pair of shoes just now, which is about 6000 RMB in the mainland, and it is 8600 HK dollars here. That's about 7300 RMB!"
Hong Kong's tourism and retail sectors8 are expected to undergo transformation9 which has already been feeling the chills for the past year, after years of a booming scene.
But for Hong Kong outbound tourists, it is a good deal to travel to the mainland now. Ng Hi On is the Deputy Director of China Travel Service in Hong Kong.
"The price could be lower in hotel expenses, food, coaches, air tickets and high-speed railway tickets."
He also says a 10 percent year-on-year growth is expected in the number of tourists who are willing to travel to the mainland during the Lunar New Year.
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1
remains
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n.剩余物,残留物;遗体,遗迹 | |
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2
relatively
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adv.比较...地,相对地 | |
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3
pegged
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v.用夹子或钉子固定( peg的过去式和过去分词 );使固定在某水平 | |
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4
depreciated
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v.贬值,跌价,减价( depreciate的过去式和过去分词 );贬低,蔑视,轻视 | |
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5
retail
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v./n.零售;adv.以零售价格 | |
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6
labor
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n.劳动,努力,工作,劳工;分娩;vi.劳动,努力,苦干;vt.详细分析;麻烦 | |
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7
coalition
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n.结合体,同盟,结合,联合 | |
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8
sectors
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n.部门( sector的名词复数 );领域;防御地区;扇形 | |
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9
transformation
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n.变化;改造;转变 | |
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