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RMB appreciates against major global currencies in four years

21
Jul '09
July 21, 2009 marks the day, since the reforms in the RMB exchange was undertaken four years ago and when compared to the same day in 2005, the RMB has appreciated by 21 percent against the US dollar.

It is noteworthy to note that that most of the appreciation took place before 2009 and in fact, the RMB has actually depreciated by 4.41 percent in the current year against the dollar, mainly due to the global economic crisis.

However, in the initial stages of the exchange reform, the RMB exchange rate appreciated by only 1.5 percent in the first year of reforms and most of the appreciation came in the next two years.

Under the backdrop of increasingly abundant liquidity, foreign exchange reserves touched record highs, RMB exchange rate in 2007 and 2008 appreciated by 5.5 percent and 10.9 percent, respectively.

Based on the middle price of yesterday, the RMB has appreciated by 21.14, 3.4, 1.16, 20.66 and 33 percent against the US dollar, Euro, Japanese Yen, Hong Kong dollar and the British Pound, respectively in the last four years.

Fibre2fashion News Desk - China


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