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Foreign trade export: The RMB exchange rate against the US dollar has risen again

2023-01-13 09:43

In the first six trading days of 2023, the central parity rate of the RMB against the US dollar broke out of the "six consecutive gains" and entered the range of 6.7 yuan. The central parity rate of the yuan was set at 6.7680 against the US dollar on January 12.

 

Since November 2022, the RMB has risen more than 7 percent against the dollar since the central parity rate rebounded.

 

Meanwhile, the dollar index continued its retreat, now trading at 103.12, below the 104 mark.

 

According to Xinhua Finance, industry insiders said factors such as China's economic repair, foreign capital inflow and seasonal foreign exchange settlement were the reasons for the rapid appreciation of the RMB exchange rate.

 

 

In 2023, supported by the above factors, the RMB exchange rate will mainly fluctuate in two directions, and is expected to recover moderately and gradually approach the long-term reasonable range.

 

Insiders suggest that in the rising cycle of RMB exchange rate, export-oriented foreign trade enterprises can consider using derivative products such as options or forward foreign exchange locks to manage exchange rate risks, or consider using RMB as the settlement method to avoid exchange rate risks.

 

The first important thing for foreign trade people to resume work after the year is to adjust the quotation.

 

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