Today on Thursday (June 30), the US dollar and RMB opened at 6.6997, and closed at 6.6997 yesterday. As of now, the highest touched 6.7041 and the lowest was 6.6925. Temporarily reported 6.6936, down 0.09%. The us dollar was temporarily reported at 105.13, an increase of 0.02%; the Canadian dollar was temporarily reported at 0.7753, an increase of 0.02%.
Asian currencies may be the worst performing assets this year.
On June 29, the won fell 1.20% against the dollar , breaking through the lowest point of 1298, the largest one-day decline since February 26, 2021, and the won has now refreshed the lowest level in 13 years.
On the same day, the Philippine peso fell 0.6% to 55.08 pesos to the dollar. The Philippine peso fell to a fresh 16-year low. The incoming Philippine central bank governor reiterated last week that the central bank is unlikely to raise its key interest rate by more than 25 basis points on Thursday. .
The Japanese yen is the worst currency in Asia. This round of yen depreciation has reached 136. The exchange rate of the yen against the US dollar has fallen by more than 18% this year, and it has reached the lowest level in 24 years.
The main reason for the huge decline in the yen is that the monetary policy cycles of the Federal Reserve and the Bank of Japan are opposite .
Others, such as the Indian rupee, fell sharply, and Asian currencies performed very weakly in this cycle of US dollar interest rate hikes and shrinking balance sheets.
At the same time, the trend of the RMB is quite eye-catching, showing strong resilience.
There are reports that products from China often appear in the malls of European and American countries, and they will be swept away as soon as they are put on the shelves. Some foreigners even queue up overnight to buy Chinese products, such as wigs, condiments, bicycles, etc. This means that European and American citizens like Chinese products, which is also an affirmation of the quality of Chinese products.
Why is Chinese goods so popular all of a sudden? An important reason is inflation. Inflation is very serious in Europe and the United States, especially food prices continue to rise. Compared with locally produced products, the products exported from my country to North America are not only of high quality, but also relatively cheap, which are products of high quality and low price.