Strong Rise in Chinese Yuan

Since the beginning of the year, the RMB has been as resilient as possible, with the RMB's mid-price against the USD rising for five consecutive days. After breaking through the 6.9 point last week, the RMB exchange rate rose above 6.8 on Monday, hitting a new high since August 2022.

With expectations of a slowdown in Fed rate hikes and a warming domestic economic recovery, the yuan rebounded strongly against the dollar, ushering in a strong start in early 2023.

Analysis points out that the RMB will continue to strengthen against the USD in the short term due to factors such as the rapid repair of economic vitality and seasonality. In the medium to long term, the RMB exchange rate as a whole will show two-way fluctuations, a mild rebound and a gradual convergence towards a reasonable range in the long term.

RMB rises strongly, both onshore and offshore recover 6.8 mark

On Monday, January 9, the onshore and offshore RMB/USD exchange rates both recovered the 6.8 mark in the morning. The RMB continued to pull up in the afternoon, with the onshore RMB up nearly 500 points at 6.7763 in the afternoon; the offshore RMB rose more than 450 points against the USD, at 6.7844.

With the strong rise of RMB and the corresponding price changes of domestic raw materials, our product prices will also change, and the quotations in the past period of time also need to be updated.

It is expected that the strong rise of RMB will continue. If you have demand for our products, you can place an order as soon as possible to lock in a preferential price.