FX Rates Hiking Again!

 

The summer vacation officially kicked off. As many friends start working on foreign exchange again, Panda will continue to help you keep a close eye on the exchange rate.

 

In recent days, the exchange rate of the yuan appeared to appreciate, and from the overall point of view, to a certain extent, reversed the momentum of the previous depreciation!

 

Looking at the recent situation in the foreign exchange market, many overseas currencies are performing strongly, so it's a good time to change your currency, so come and take a look at the exchange rates of various countries with Panda!

 

Yen: on a roller coaster?

 

July 11 evening, the yen suddenly rose 1.7%. July 12, the yen against the Chinese yuan exchange rate has also recovered from a low point of 100/4.48 to the current 100/4.56.

 

The wave of the yen exchange rate jumped nearly 3%, the largest single-day increase since 2022, directly resulting in a roller coaster ride for the yen exchange rate! But as for the ups and downs of JPY, the key is still Japan monetary policy meeting held at the end of this month.

 

 

Australian dollar: a wild ride!

 

Like Panda said in the last post, from July 3, the Australian dollar against the Chinese yuan exchange rate suddenly appeared abnormal: the Australian dollar instantly soared to the highest value this year: the opening rate is 4.86! And it continued to rise significantly, making people wonder: is it gonna reach 5!

 

 

Hong Kong dollar: steady rising

 

Recently, the Hong Kong dollar exchange rate has been very stable. However, the overall trend of the Hong Kong dollar to Renminbi exchange rate is still rising while steady, thanks to the sound and effective monetary policy of Hong Kong. Friends who want some currency now should take the opportunity!

 

 

US dollar: more than volatile

 

The recent movement of the USD/CNY exchange rate has also fluctuated all the time.

 

On July 11, the U.S. Bureau of Labor Statistics released U.S. inflation data for June. The dollar weakened and non-US currencies rose in general due to the increased expectation of a Fed interest rate cut, RMB also affected to some extent.

 

 

Euro: slightly higher

 

Recently, the performance of the euro is very striking! After the announcement of interest rate cuts on June 6, the euro was not weak but stronger, showing a rare phenomenon of the euro rising instead of falling after the rate cuts. Behind this may be the weakness of the U.S. dollar, coupled with the eurozone's confidence in the economic recovery.

 

 

Pound Sterling: continuing to move higher

 

On July 9, the latest exchange rate of Pound to Chinese Yuan reached 9.31, and has remained above 9.30 since last Friday. However, the fluctuation of the GBP exchange rate is a common problem for Chinese in the UK to face.

 

In this case, people should be more cautious when planning their finances, budget in advance and change currencies in time.

 

 

SGD: continued appreciation

 

Recently, there has been a remarkable movement in the SGD/CNY exchange rate, with the SGD/CNY rate picking up again on July 11th after falling below 5.40 after March 8th! This movement has not only attracted a lot of attention in the market, but has also profoundly affected those living in Singapore and following the region's economy.

 

Over the past month, the SGD has been trading between 5.34 and 5.39 against the Chinese Yuan, signaling a clear trend of SGD appreciation. Chinese compatriots who are planning to remit money back to their home country these days should seize the opportunity to do so!

 

 

Of course, the exchange rate fluctuates frequently, and it is still unknown whether the exchange rate will continue to rise in the future. At least now, the exchange rate has come to a high level! Has the RMB exchange rate turning point appeared?

 

Friends who need foreign exchange should take the chance, so does Panda say.

 

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