Renminbi May Depreciate Against the US Dollar - Comprehensive Information - Wenzhou Human Resources Network

After the exchange rate reform on July 21, 2005, the Renminbi has been in an appreciating channel against the US dollar. In more than 3 years, the price of USD to CNY has moved from 8.27 to about 6.82 currently, accumulating a total appreciation of 17.5%. However, due to the continuous deterioration of the subprime crisis in the United States, since July this year, the Renminbi against the US dollar has temporarily stopped appreciating and has hovered around 6.82 for 4 months. Last month, forward exchange rates for USD offered by major banks began to be higher than the spot exchange rates. Industry insiders believe that this could perhaps be a sign of Renminbi depreciation against the US dollar.