How Sunny Optical lost Rmb200 million in foreign exchange
China’s leading optical device manufacturer has seen the equivalent of $29 million wiped out on the back of the renminbi’s devaluation. Meanwhile, the PBoC’s latest move is adding to its pain.
China’s biggest producer of smartphone camera modules and lenses, Sunny Optical Technology, last week reported a net foreign exchange loss of Rmb201 million ($29 million) for the first half of 2018 compared with a gain of Rmb1.55 million for the same period a year ago.
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