The foreign trader cried, the dollar exchange rate broke 6.55!

        On November 9, the offshore RMB exchange rate against the US dollar rose above the 6.55 mark, continuing to hit a new high since June 2018. As of 16:30, the onshore renminbi against the dollar closed at 6.5728, up 487 basis points from the previous trading day; the offshore renminbi against the dollar also rose more than 400 basis points to around 6.55.

　　 Since the end of May this year, the RMB exchange rate has been rising strongly. So far, the exchange rate of RMB against the US dollar has appreciated by nearly 8% from the low point at the end of May. During the same period, although the appreciation of the RMB against a basket of currencies was not as significant as that of the RMB against the U.S. dollar, there is currently an appreciation of over 3%.

　　 The continuous appreciation of the RMB has a combined effect of internal and external factors. Many analysts believe that the factors supporting the strengthening of the RMB exchange rate in the early stage will continue in the short term, which means that the RMB is still expected to remain strong. However, with the continuous appreciation of the exchange rate, the continuous inflow of “hot money” triggered by it and its impact on the export industry have also attracted increasing attention.

　　 Impact on foreign trade:

　　 For example, a company received an order of 1 million US dollars at the end of August, and the delivery time was 60 days. At that time, the exchange rate was 7, which was equivalent to 7 million yuan. Now that the production is finished and ready to be shipped, the value of the goods has become 666, which directly loses 340,000 yuan. "That is 5%. The net profit margin of many large orders is almost 5%, which is nothing.