With the already worrying performance of the real economy, the RMB exchange rate continues to rise. China Foreign Exchange Trade Center announced on May 31, 2013 that the interbank foreign exchange rate was 1 U.S. dollar against 6.1796 yuan, the exchange rate hit a new high since 2005, and it is the seventh time refreshing the record in the single month .
RMB exchange rate upward trend is evident recently. National Foreign Exchange Bureau released data show that from April 1 to May 31, the central parity of RMB against the U.S. dollar hit 17 times of new high since the exchange reform in 2005. Since the beginning of this year, the RMB against the U.S. dollar exchange rate has far exceeded last year’s 1.03% annual appreciation.
Commerce Department survey shows that short-term rapid appreciation of the renminbi led to the export oriented companies’ wide concerns as export profits was further compressed in particular among the SMEs.
Source: Tencent Finance