December 2012 Cotton Tariff Rate Adjustment

The People's Bank of China authorized the China National Security Center to announce that on November 21, 2012, the middle price of the inter-bank *** market exchange rate was: 1 US dollar = 6.2908 yuan***, so the import and export tariff rate for December 2012 Will be calculated as $1 = 6.2908 yuan***. Look for cotton and textile companies that have import and export business. (It was 6.3028 in November 2012)

Pursuant to Notice No. 53 of 2005 issued by the General Administration of Customs on October 30, 2005, the exchange rate applicable to the tax rate of goods imported and exported each month is the third Wednesday of the previous month (the third Wednesday is a statutory holiday, Subsequent to the fourth Wednesday, the Bank of China's ** discounted price (referred to as the Bank of China discounted price).