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首页 -  了解我们 -  媒体报道 -  Stable in a high level! Why is the Singapore dollar stable?

Stable in a high level! Why is the Singapore dollar stable?

 

The news of the surge of the Singapore dollar is everywhere! In recent half a month, the exchange rate of the Singapore dollar against the Chinese yuan has been steadily rising, and now it is close to 1:5.22+!

 

Source: Sina Finance

 

This increases the wages of the workers working in Singapore. How exciting the news is!

 

If the Singapore dollar experiences a new round of appreciation while the Chinese yuan remains unchanged, the exchange rate between the Singapore dollar and the Chinese yuan is expected to break through a 10-year high of 1:5.25.

 

So, why can the Singapore dollar move steadily forward?

 

Economic recovery, monetary tightening, and easing of inflation

 

The average price of food in Singapore rose by 7% in just five months from last September to this February. In response to rising prices, the Monetary Authority of Singapore tightened monetary policy to ease inflation. For many people, the most direct impact of this policy is the change in exchange rates.

 

 

If the prices of other currencies have not experienced significant fluctuations, the exchange rate of the Singapore dollar against other currencies is highly likely to rise, and the Singapore dollar is becoming increasingly valuable.

 

 

The Monetary Authority of Singapore announced that its monetary policy will remain unchanged. Previously, it has tightened its policies five consecutive times since October 2021.

 

"The effects of the monetary tightening by the MAS are still working their way through the economy and should further depress inflation," it said.

 

Some local economists broadly believe the tightening of monetary policy will be the last in this tightening cycle.

 

A stable and strong currency has boosted market confidence

 

Singapore has a close trade relationship with China, and the influx of Chinese capital into Singapore has increased, driving the appreciation of the Singapore currency. The value of the Singapore dollar is stable and strong, and the exchange rate against the Chinese yuan continues to rise. The Singapore dollar exchange rate is highly sought after by the market.

 

Singapore is a service-oriented economy, and its exchange rate is more sensitive compared to other currencies. If the economy grows rapidly and the money supply increases accordingly, it will drive the exchange rate up.

 

 

The Singapore dollar has attracted global market attention and its influence in the global economic market is constantly increasing.

 

As people's understanding of the new currency gradually deepens and they feel its strong performance, the confidence in the Singapore dollar market is increasing. At the same time, the demand for domestic citizens to travel abroad continues to increase.

 

The Singapore dollar is more valuable, which is beneficial for both remitting money home and traveling abroad.

 

Massive subsidies swept in, and citizens are blessed!

 

In addition, the rise in the exchange rate means that the cost of traveling to Singapore is even higher! The cost of living in Singapore is already high, which means that hotels, shopping, and food in Singapore are more expensive than before.

 

For the Study Abroad Party, maintaining the exchange rate for the Singapore dollar in a high level is even more frustrating. Parents need to pay more tuition and living expenses for their children. 

 

In the February budget of this year, the Singapore government announced a series of subsidy measures, including an increase in the amount of GST voucher cash subsidy, an increase in the amount of neighbourhood voucher, and a living allowance.

 

But these subsidies are mostly for citizens only. There is still uncertainty about the future trend of the exchange rate between the Singapore dollar and the Chinese yuan, and the adjustment of the national policy on the Singapore dollar will also affect the fluctuation of the exchange rate.

 

 

As an international financial center, Singapore's exchange rate is greatly influenced by the international market. It is recommended that investors remain sensitive to market dynamics when conducting trading operations, in order to better grasp the trend of exchange rate fluctuations.

 

Panda kindly reminds family and friends at home and abroad to pay close attention to the current domestic and foreign currency changes, seize the best opportunity to exchange currency, and maximize your own needs.

 

The recent steady rise in the Singapore dollar exchange rate is a good thing for most Chinese friends who work or study abroad, as it can be exchanged for more Chinese yuan. Friends with exchange needs, please aim for the timing~

 

 

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