Around October 2021, data disclosed by the China Foreign Exchange Trading Center showed that the RMB exchange rate against the US dollar was 6.3924 yuan, successfully breaking through 6.4. Since late June, the exchange rate of RMB against the US dollar has remained between 6.45-6.5 yuan, which was the lowest in recent years.
The lowest price in history for RMB to US dollar was when my country implemented the trade exchange rate and financial exchange rate in 1981. When the trade exchange rate was 2.8, the financial exchange rate was 1.5303, and the one dollar was 1.5303 RMB.
Regarding the appreciation and depreciation of the RMB compared to the US dollar, this question depends on when. Before 2000, the exchange rate was still in place. In 2000, the currencies of the two countries were increasing in value, but they were comparing with the issue of speed and slowness. This year, the RMB appreciation is slower than the US dollar. In 21 years, the exchange rate was around 6.5, while the current exchange rate is around 7.1.
2022.10.11
For us personally, it is indeed very beneficial to reach 1:1 against the US dollar, but the disadvantages brought by it are also quite large and affect the economy of the entire country.
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