Soaring! Renminbi Climbs to Highest Since August Last Year!

Feb 7, 2023 | News

After the Fed announced a rate hike in the early hours of February 2, Beijing time, the RMB exchange rate rose further, coming close to breaking 6.70 at its peak. Instead, to the disappointment of the US, not only did we not see a US dollar appreciation after the rate hike, but a continued decline in the US dollar. As we enter 2023, the RMB has completely ignored the US dollar’s rate hike and has risen strongly by over 2,000 points. The US dollar index has subsequently plummeted to a new over 9-month low. On 6th Beijing time, the offshore RMB has now had a slight rebound and is now at 6.8225. The US dollar may continue to be the key to influencing the RMB exchange rate, which may give back some of its gains in the short term. Liu Jie, head of macro strategy at Standard Chartered China, previously said that the reason why the RMB appreciated at a rapid pace at the beginning of the year was driven by the depreciation of the US dollar and also by expectations of a recovery in China.

Since 2023, the RMB exchange rate has become a bright sight in the international market. The RMB exchange rate continues to climb, with the RMB/USD mid-rate rising to its highest since August 2022 and the RMB/USD market rate hitting the doorstep of the RMB 6.7 mark again. Experts stated that the possibility of the US dollar returning to new highs is being further reduced, coupled with the opening of the Chinese epidemic and a faster rebound in China’s domestic economy after the Chinese New Year, which is expected to support the RMB exchange rate.

The reasonable value of the RMB returns to appreciation, making trade friction with trading partner countries reduced, rationalizing trade relations, making international trade smoother, promoting each other and maximizing the trade interests of relevant trading countries; coupled with the Chinese government’s policy support for foreign trade in 2023, the foreign trade dividend is here!

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