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1USD = RMB 7.0358

1USD = RMB 7.0358

May 19,2023

After breaking 7 for the first time this year, the renminbi continued its short-term adjustment trend against the US dollar on May 18th. Experts believe that the recent upward trend in the US dollar index poses a short-term disturbance to the movements of a range of non US dollar currencies, including the Chinese yuan. Recently, the depreciation of the RMB exchange rate has been within a controllable range and has not deviated from the operating range since the beginning of the year. From a trend perspective, compared to the previous period, the internal and external environment faced by the RMB exchange rate is more favorable, and it is expected to maintain basic stability at a reasonable and balanced level in the future


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