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The RMB exchange rate soared over 4000 points

Feb 11, 2022

For international trade salespersons, the exchange rate of 7.17 at the end of May seems like a world away. Following the first rise in the market exchange rate above 6.8 yuan on September 15, the central parity of the renminbi against the US dollar rose sharply by 397 points to 6.7825 yuan on September 16, returning to above 6.8 yuan after 16 months. On September 17, the central parity rate of RMB was reported at 6.7675, an increase of 150 points. The central parity rate of the previous trading day was reported at 6.7825, and the RMB onshore closed at 6.7613 on the previous trading day.

Since the end of May, the RMB has started to appreciate. The RMB exchange rate has appreciated by nearly 5% since its low point in the year at the end of May! If the profit of the exporting company is less than 5%, then it may be working for nothing, or even paying for it.

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