As December swiftly approaches, we're on the cusp of welcoming 2024!

 

With the year-end in sight, many are hustling to meet various performance targets and KPIs, aiming to earn more for a prosperous new year. How can you maximize the use of your money? Well, Panda has already compiled the latest changes in the currency markets for you. Let's dive in!

 

U.S. Dollar: Gaining Mild Strength

 

Recent statistics show that the U.S. added 199,000 non-farm jobs in November, surpassing the market expectation of 180,000. Inflation has fallen to 3.7%, and wage growth has exceeded expectations. These indicators suggest a robust U.S. economy, possibly indicating that the market's earlier expectations of a Federal Reserve rate cut early next year were overly optimistic.

 

However, there's no need for excessive concern about the dollar's short-term strength. Other currencies have been underperforming against the dollar, all showing declines. Let's stay tuned to see what the Federal Reserve ultimately decides.

 

Source: Sina Finance

 

Japanese Yen: Breaking "5" Again

 

Looking at the exchange rate chart, it's evident that the Japanese yen has finally halted its decline, showing a strong upward trend and breaking "5" today!

Japan's economic growth is robust, with official data surpassing expectations. The possibility of the Bank of Japan canceling negative interest rates has undoubtedly fueled the yen's rise.

As the year ends, don't forget to issue a remittance certificate!

Panda has prepared a detailed tutorial for you, which you can refer to in our previous article, "The Yen Has Risen? Don't Forget to Issue a Remittance Certificate in Time!"

 

Source: Sina Finance

 

Australian Dollar: Remarkable Rise

 

On December 5th, the Reserve Bank of Australia (RBA) announced its decision to keep the cash rate unchanged for December. Many Chinese residents in Australia must have felt relieved, finally getting a break from high inflation. The Australian dollar's rebound, though late, is now evident!

 

Today, the Australian dollar is showing a strong upward trend, almost reaching 4.8. With this momentum, the future of the Australian dollar seems bright!

 

Source: Sina Finance

 

Singapore Dollar: Relative Stability

 

After observing the fluctuations of other currencies, it's clear that the Singapore dollar's exchange rate has been relatively stable, hovering around 5.34 RMB per Singapore dollar.

 

However, there's exciting news: China and Singapore will implement a 30-day mutual visa exemption! Although the official implementation date hasn't been announced, it's advisable to prepare for currency exchange early. After all, a surge in exchange demand could lead to higher rates!

 

Source: Sina Finance

 

Malaysian Ringgit: Visa Exemption for Chinese Tourists

In other news, since December 1st, Malaysia has implemented a visa exemption for Chinese tourists! PandaRemit also supports RMB to Malaysian Ringgit exchange, and the first transaction for new users is free of charge! Those planning overseas trips during the Spring Festival can start making arrangements!

 

Korean Won: Continuous Decline?

 

Since early November, the Korean Won against the RMB has been on a downward trend. South Korea's GDP ranking has also dropped out of the world's top ten, reflecting the country's challenging economic situation. However, this presents a good opportunity for those planning to spend in South Korea!

 

Source: Sina Finance

 

British Pound: Breaking "9" Again

 

The UK's latest Autumn Budget announced an increase in the minimum wage to 11.44 pounds per hour from April 1, 2024, a 9.8% hike. This development has helped the pound regain its position above "9".

Simultaneously, Morgan Stanley predicts that the UK's year-end interest rate may drop to 4.25% next year. Financial market investors generally expect the Bank of England to cut rates before June next year, further boosting the pound's rise.

 

Source: Sina Finance

 

Euro: Continuous Decline

 

Swift, the global financial communication network, reported in its October 2023 data that the euro's share in global currency payments was only 23.6%.

 

Many countries are reducing their reliance on the euro as an international settlement currency, which has undoubtedly impacted its global payment status. Just two years ago, the euro had a nearly 40% share, but now the gap with the dollar is widening!

 

Meanwhile, Germany, the "engine" of the European economy, is experiencing a downturn in its manufacturing sector. Coupled with U.S. interest rate hikes, the Russia-Ukraine conflict, European inflation, currency devaluation, and a significant influx of businesses and capital into the U.S., it's no surprise that the European economy is generally struggling this year, leading to the euro's depreciation.

 

Source: Sina Finance

 

New Zealand Dollar: Reaching New Heights

 

Over the past month, the New Zealand dollar has experienced ups and downs but has generally been climbing, now reaching a modest peak.

 

Source: Sina Finance

 

Canadian Dollar: Gradually Rising

 

On December 6th, the Bank of Canada announced its final interest rate of the year: the benchmark rate remains at 5%, continuing its quantitative tightening policy. Since reaching its low point at the end of November, the Canadian dollar has been slowly rising, approaching 5.3, with a clear upward trend.

 

Source: Sina Finance

 

For those living abroad with plans to remit money back to China or visit relatives during the New Year, it's important to keep an eye on exchange rate trends. Overall, future exchange rate movements are influenced by multiple factors, making accurate predictions difficult. Panda's role is to provide you with the latest exchange rate updates, helping you seize good rates for timely currency exchange.

 

If you have any remittance needs, click to make remittances: