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Is the CNY rate going down?


As we approach the summer, many of our friends are going to start exchanging foreign currency again, and Panda is helping us to keep a close eye on the exchange rate in real time.


In recent days, the onshore RMB to USD exchange rate once reached 7.2485, and the RMB exchange rate has been on a softening trend. This is a good thing for those who need to send money to China recently.


But in terms of the exchange rate market, which has been buzzing with currencies lately.


Is it possible that the RMB exchange rate is about to go downhill?


The yen: down and out


Just recently, the Bank of Japan invested 9.8 trillion yen in response to yen depreciation pressures. However given the huge gap between Japanese and US interest rates, the yen is expected to remain under pressure. Unless there are clearer signs that U.S. interest rates will begin to fall, or that the BOJ will be more aggressive in raising borrowing costs and cutting the size of its bond purchases, it will be difficult to reverse the yen's trend.



Affected by the depreciation of the yen, Japan's tourism industry has gradually recovered to the level of 2019 this year, especially as an important buyer of Japan's tourism consumer market, the number of Chinese travelers to Japan has risen sharply.


AUD: Rise again?


In our last post about exchange rate, Panda said that since May 27, the AUD/CNY exchange rate has not fallen past 4.8. But just last Friday (June 7), the AUD/CNY exchange rate saw a huge fluctuation and instantly plummeted.



It can be said that this wave of the Australian dollar trend is really crazy, but for the next step, RBA whether to raise interest rates and the trend of the Australian dollar exchange rate, we need to look at Australia's domestic data.


HKD: Rise a Bit



The Hong Kong dollar exchange rate has been stable since May. However, it still showed a slight rise during the Dragon Boat Festival holiday, indicating that the holiday buffer still played a role in stimulating the economy.


US Dollar: about to rebound?


The Chinese Yuan has been on a remarkable rebound trend recently, jumping 250 pips against the US dollar, a change that not only boosted market sentiment but also reflected the international market's recovering confidence in China's economy.



But on June 8, with the release of the non-farm payrolls data, the dollar rose strongly against the yuan, and the dollar exchange rate against the yuan can be said to be up and down.


EUR: Up and up


Recently, the euro interest rate cut has become the focus of the market. On June 6, the European Central Bank announced a rate cut, albeit a pitiful 25%, but this is the first rate cut by the ECB since 2019, which is of no small significance. At the same time, the euro to yuan exchange rate all the way up.



Short-term forecasts show that the exchange rate will rise from 7.80, 7.90, 7.92 to 7.99 in June, and is expected to rise to 8.02, 8.11 in the first 10 days of July. Chinese friends in Europe should spend their euro quickly!


Sterling: up like Crazy!


According to the Financial Times, optimism in the UK manufacturing sector has risen to its highest point since early 2022 amid a surge in business confidence and new orders, with 63% of manufacturers expecting higher output a year from now.



Meanwhile, the Pound has been boosted by a rise in the exchange rate on expectations that the Bank of England will cut its benchmark interest rate later than the ECB. As of June 6, the pound was soaring, having risen to 9.257 against the Chinese yuan, a new high for the year.


However, in the face of rising tuition fees, rising prices, and the exchange rate is also rising, international students in the United Kingdom are also complaining bitterly: further increases really gonna make us can’t pay tuition fees!


SGD: from down to up


Remember 2 months ago, the SGD/CNY exchange rate plummeted from 5.38 to 5.29 in 7 days, scaring a lot of SGD earning friends. But on June 7, the SGD/CNY exchange rate began to bottom out, breaking through 5.4 again!



Panda guess those who want to send money to China must be thrilled~


In fact, the exchange rate fluctuation is the norm. Our optimal solution is to maintain a balanced mind, seize the opportunity, timely exchange currencies.



However, if the CNY depreciated, for most of the friends living and working abroad, Panda suggests aiming at the time of exchange of RMB. Follow Panda if you need to exchange currencies!


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