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How will Exchange Rates Change after May Day?


The wonderful May Day golden holiday, with the anticipation of the national public, has arrived as scheduled. Panda believe that everyone had a great time during the first grand holiday after the epidemic. 


The exchange rate fluctuations of various currencies are also concerning. Panda couldn't help but sigh: It's really ups and downs!


JPY: Fall then Rise


The yen has recently started to depreciate again!? On May 1, the first day of Golden Week, 100 JPY was only to 5.05 CNY. The next day, the exchange rate of the Japanese yen gradually became clear and began to appreciate vigorously, continuously turning red throughout the second half of the May Day holiday.



Source: Sina Finance


The easing of inflation caused by interest rates hikes in the US and Europe accelerated the recovery of Japanese inbound tourists (foreign tourists), and many tourists traveling in Japan have exchanged yen, promoting the appreciation of the yen.


AUD: Raise Interest Rates Endlessly!


The worst news of the May Day holiday is that Reserve Bank of Australia raised interest rates again! As of now, this is the 11th rate hike in Australia this year! As soon as the news came out, the Australian dollar depreciated sharply, and the exchange rate between AUD and CNY skyrocketed in an instant. This can be considered as the biggest "surprise" of the May Day holiday! 



Source: Sina Finance


Chinese people living in Australia are exclaiming that the continuous increase in interest rates has led to increasing pressure on the cost of living. It is estimated that during the May Day holiday, which is celebrated nationwide, Chinese friends in Australia were filled with sadness!


HKD: Slight Rise


Before and after May Day, the Hong Kong dollar exchange rate could be said to have fallen steadily. However, there was still a slight upward trend during the May Day holiday, indicating that the buffer of the May Day golden holiday still played a role in stimulating the economy.



Source: Sina Finance


USD: Stable at 6.9 ?


After stabilizing around 6.8 for a period of time, the USD to CNY started to rise in late April, and on the closing of the April 25th, it directly reached its peak of 6.9, which is the second time since March that CNY has hovered at a high of 6.9. However, the dollar has started a slight downward trend since May.



Source: Sina Finance


In recent days, the exchange rate of USD against CNY has remained at the high level of the year. With the increase of outbound tourism on May Day, the demand for foreign exchange purchase has increased correspondingly. However, after May, with the steady recovery of the domestic economy and the weakening of US dollar, there is still a foundation for appreciation of CNY.


EUR: Return to 7.8 ?


As the data is better than expected and natural gas prices fell rapidly, the European Central Bank will further lower its economic growth expectations to support the euro. Judging from the trend of the euro, the euro has shown a continuous upward trend against the Chinese yuan for several consecutive months. Should the euro return to the high of 7.8?



Source: Sina Finance


GBP: Crazy Rise


Up to now, the GBP to CNY has risen to 8.68, the highest in the past 30 days. Considering that the exchange rate was only 7.62 six months ago, the increase significant! Throughout the trend of the pound over the past few months, the exchange rate has shown a strong and steady trend. The rise in pound this round is mainly due to the continued interest rate hikes by the British government.


However, in the face of rising tuition fees, rising prices, and rising exchange rates, overseas students in Britain are also complaining that they really cannot afford to pay tuition fees if price continue to rise!



Source: Sina Finance


NZD: Turn to Rise


Starting from mid April, as New Zealand inflation fell, the exchange rate of New Zealand dollar began to decline.



Source: Sina Finance


Abhijit Surya, an economist at Capital Economics, stated that although inflation has decreased, the Reserve Bank is expected to raise interest rates again next month. In addition to accelerating the rise in food prices, the prices of education and other miscellaneous services will also continue to rise.



So since the mid-late April, the New Zealand dollar exchange rate quietly rebounded and continued to show a strong trend in May, and may still rise strongly.


The May Day holiday has ended, and Panda reminds friends who need to exchange currency or make cross-border remittances to pay attention to exchange rate changes in a timely manner, aim for the timing of exchange, and take active action!


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