It’s in the hot seat! RMB rises above 6.77!

Jan 12, 2023 | News

The exchange rate of RMB against the US dollar has risen six times in six trading days since the beginning of 2023, entering the 6.7 yuan range. The news of the recent rise above 6.77 is also on the hot search, triggering hot debate! The rise of the RMB brings a new look to the start of the year 2023 for the economic market, and also boosts market confidence.

Taken together, China’s economic repair to the upside, increased foreign capital inflows and seasonal willingness to settle and sell foreign exchange are the main reasons for this round of RMB exchange rate appreciation. In 2022, China’s economy has withstood the pressure and maintained a stable trend. Recently, thanks to the effect of growth stabilization policies, economic activities recovered rapidly, giving more premium to our assets and even the RMB exchange rate, which was able to move ahead in a basket of currencies.

Cross-border capital inflows have increased, providing strong support to the RMB exchange rate. The optimization and adjustment of China’s policies on COVID-19 prevention and control in recent months has also led to a more optimistic and positive outlook for China’s economy in 2023, further enhancing the attractiveness of the market and investment. Wang Youxin, a senior researcher at Bank of China, stated that social life is now starting to gradually return to the right track and outdoor consumption activities have increased, which has further boosted market confidence in China’s accelerated economic recovery in 2023. Also, the recent sustained fall in the US dollar index, influenced by factors such as weakening expectations of a Fed interest rate hike, was one of the thrusts behind the strengthening of the RMB. The risk of a hard landing in the economy has increased as the manufacturing and non-manufacturing PMI continue to weaken in the U.S. Wind data shows that the U.S. dollar index has fallen by more than 6% in aggregate since November 2022.

All this foretells that in 2023 China’s foreign trade market is developing for the better. The loosening of COVID-19 in China also promotes the further development of the foreign trade market economy, which, together with China’s policy support for the foreign trade market, means that foreign trade business will be simpler and more prosperous. It is undoubtedly good news for us foreign trade people. This trend has led to an increase in the price of export diapers fob US dollars, our Yibero brand is going out to sea in the hot. We offer adult trousers, adult pull, wet wipes, baby trousers, baby pull, nursing pads, etc. We expect more customers to import Yibero’s products and support small moq purchases.

Chinese New Year is around the corner, we have a holiday from the Beijing time 2023.01.16-2023.01.28 .Our business operation will back to normal on Jan.29th.If you have any issue during the holidays, please feel free to contact us. Thank you for your understanding and support. We wish you the very best for the New Year!
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