According to the latest data released by the Bank for International Settlements, the real effective exchange rate index for the renminbi in February was 117.78, and the real effective exchange rate of the renminbi appreciated by 6.78%. The nominal effective exchange rate index for the RMB in February was 115.38, an increase of 2.57% from January.
In February, the real effective exchange rate of the renminbi reversed the depreciation since December last year. After depreciating 1.72% in December last year and 0.36% in January this year, the real effective exchange rate of the renminbi in February rose sharply by 6.78%. In February, the exchange rate of the RMB against the US dollar remained basically stable, with an appreciation of 1.92% against the euro, a sharp appreciation of 9.41% against the Japanese yen, and a 2.95% discount against the British pound. The exchange rate against the Hong Kong dollar remained basically stable.
Analysts pointed out that since September last year, the trend of the RMB exchange rate has basically adopted a strategy of softly pegged to the US dollar, and the exchange rate of the RMB against the US dollar has remained basically stable. Due to the safe-haven demand for funds, the US dollar has strengthened against the trend, and the RMB and the US dollar have become the “strongest†two currencies. At the same time, due to the downward trend of the world economy and the global interest rate cuts, other major currencies have depreciated against the US dollar.
The appreciation of the real effective exchange rate of the renminbi will have an adverse impact on China’s exports. On the one hand, Europe is China's largest trading partner, the depreciation of the euro will affect China's export trade to Europe; on the other hand, in the financial crisis, China's foreign trade industry's competitors - the Southeast Asian countries' currencies dominated by export processing trade Depreciation has weakened the competitiveness of China's foreign trade enterprises to a certain extent.
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