As September approaches, many friends are going to start exchanging currency again. Naturally, the exchange rate is what everyone cares about most, and the panda will help you keep an eye on it in real time.

 

Recently, the CNY has fallen below the "7.3" mark against the USD -- a new low. This is a good thing for friends who need to remit money to China in the near future.

 

In brief, with the same dollar budget, you can get more CNY in exchange now! Family and friends can receive more money, which is a real discount! Panda Remit exclaimed: "This wave is sure to win!"

 

 

Looking at the exchange rate that has been advancing all the way, it is clear that some time ago, some experts and institutions predicted that the US dollar will fall moderately, but the reality is that the US dollar has risen frequently. Is this situation that breaks market expectations accidentally ?

 

What exactly caused the accelerated depreciation of the CNY, hitting a new low since November last year. With the recent market turmoil, what other currencies besides the CNY have also been affected? Let Panda Remit tell you.

 

USD: Index Strength, Continued Rise

 

The USD is often considered one of the safe-haven assets due to its liquidity and global reserve currency status.

 

Source: Sina Finance

 

During this period, the Fed’s continuous interest rate hikes, the frequent rise in U.S. bond interest rates, and the hawkish speeches of the Fed Chairman have pushed the US dollar index to continue to strengthen, breaking through 103 points! The performance to the market is that the U.S. economy has high resilience and stability, which is directly attractive to investors, and a large amount of foreign capital flows into the U.S. market.

 

In contrast, the domestic economic growth slowed down. The central bank has cut interest rates frequently. In just three months, it lowered the policy interest rate twice, and the reduction was further intensified in August. The interest rate spread advantage of China's government bonds has narrowed, and the CNY exchange rate will be under pressure in the short term, and the depreciation is also reasonable.

 

Source: People's Bank of China

 

In the process of one rise and one fall, the interest rate gap between China and the United States has further continued to widen, exacerbating the inversion phenomenon, and naturally accelerated the depreciation of the renminbi and the rise of the dollar.

 

JPY: depreciated overall

 

The overall exchange rate of the yen is still in a downward trend, and the yen continues to depreciate, once breaking the "5" mark, which is inseparable from the strengthening of the US dollar.

 

Source: Sina Finance

 

In addition, the Bank of Japan has not yet raised interest rates, and the inability to quickly reduce the price of energy such as oil and natural gas, which Japan relies on imports, has also caused damage to the yen. Rising energy prices have pushed Japan into a trade deficit. However, this plan can also save a lot of money for Chinese friends who travel to Japan and study abroad.

 

AUD: fell again and again

 

Source: Sina Finance

 

Friends who choose to enroll in Australian universities in July are really lucky! Panda looks really "beautiful" at this exchange rate. The fall of the Australian dollar has saved everyone a lot of tuition, accommodation, and daily expenses, leaving more budget discretion!

 

HKD: still climbing

 

Since April this year, the Hong Kong dollar exchange rate has generally shown a rising trend, once approaching the highest point of the five-year exchange rate of 0.93 at the end of last year!

 

Source: Sina Finance

 

You must have heard about the recent deposit promotions in Hong Kong. Most of these activities are characterized by short-term and high interest rates, and they are more aimed at attracting customers to exchange currency and guiding funds to flow into Hong Kong. This undoubtedly also pushed up Hong Kong's exchange rate. However, Panda still wants to remind everyone to be cautious when opening an account in Hong Kong, exchanging currency and boarding a car!

 

SGD: Steady progress

 

At present, the Singapore dollar exchange rate is still strong, and the strength of the Singapore dollar exchange rate is also a key driving force for a wave of tourism boom. The advantage of the exchange rate makes travel to China more attractive, and Singaporean tourists can get more value for money during their journey in China.

 

Source: Sina Finance

 

In addition, China has resumed the 15-day visa-free entry policy. It is also a good choice for friends living abroad to go home and visit relatives at this time. There is no need for complicated and cumbersome visa procedures, and only simple preparations are required to travel in China. This panda is very excited.

 

GBP: rebounded, rising trend is obvious

 

Source: Sina Finance

 

As the inflationary pressure in the UK persists, with the assistance of the UK's continuous interest rate hikes, the pound also continues to rise, once approaching 9.3. At the same time, the resilience of GBP/USD this year remains strong.

 

EUR: still approaching the "8" mark

 

Since the European Central Bank started the process of raising interest rates in July 2022, it has raised interest rates 9 times in a row, with a cumulative increase of 425 basis points! Respond to high inflation by continuing to raise interest rates. In mid-July, the exchange rate between the euro and the yuan rose all the way and broke through "8", reaching the highest peak this year. Now it has fallen back to slightly lower than 8, but it just can't go down!

 

Source: Sina Finance

 

In fact, exchange rate fluctuations are normal. Keeping a balanced mind, seizing the right time, and exchanging currency in time is the best solution~

 

However, the depreciation of the renminbi is a good time for most friends who live and work abroad, so don't miss it!

 

About Us - Panda Remit

Panda Remit is a cross-border remittance online platform, which is committed to providing global users with safer, more convenient, reliable and affordable online cross-border remittance services. With user-friendly interface and advanced security features, Panda Remit is the best solution for anyone looking for a hassle-free way to make global remittance.

Panda Remit has the following features:

1. High safety degree - One of the key features of Panda Remit is its advanced security measures

All transactions are encrypted and monitored 24/7 to ensure the safety of your funds. What's more, Panda Remit uses state-of-the-art fraud detection technology to prevent unauthorized access from your account.

2. Convenient transfer environment- Panda Remit is equipped with currency calculator

The platform is available on Panda Remit official website or Panda Remit app, so that you can easily access your account and make transactions on-the-go. And users can transfer money in a variety of currencies,including US dollars, euros, HK dollars, pound, yen, etc,. Furthermore, it is also worth noting that Panda Remit provide 24/7 Chinese customer service, providing a familiar and intimate environment for overseas Chinese.

3.Simple operation process - Panda Remit has a user-friendly interface that makes it easy to navigate and use

Moreover, whether you need to pay bills or send money to friends and family in other countries, you just need to simply follow the operation tutorial provided by Panda Remit to create an account, link your bank account or credit card, and then you're ready to tranfer money globally. With just a few clicks, you can successfully send money to anyone, anywhere in the world you want.

4. Instant transfer - Panda Remit provides a quicker way to transfer money globally

Panda Remit is not only secure and convenient, but it is also fast. It allows for instant transfers between Panda Remit users, eliminating the need for waiting periods or processing times as much as possible. This feature is especially beneficial for people or businesses that require quick and efficient cross-border remittance.

5. Low handling fee - Panda Remit offers a range of exchange rates benefits to users

Panda Remit also offers competitive price compared to traditional remittance methods and other apps of the same kind. Thus, users can enjoy low transaction fees and competitive exchange rates and get high amount received when transferring money globally, which makes Panda Remit a cost-effective solution for individuals and businesses alike. Plus, the system would give coupons to first-time users.

In conclusion, Panda Remit provides a simpler and efficient online gloabl remittance way that offers a range of features and benefits to users. Nowadays, Panda Remit have opened global remittance service for more than 30 countries or regions worldwide, and helped users save nearly 100 million dollars in fees, which deeply recognized and trusted by millions of users around the world.

Panda Remit is the perfect solution for you to make cross-border remittance.

Please visit the Panda Remit official website or download the app, Panda Remit, for more detail information.