RMB exchange rate to euro has kept rising since the second quarter of this year, and for the first time it reached 10: 1 on September 2.
Since the reform of the exchange rate, the RMB exchange rate against the euro shows a two-way moderate fluctuation trend, the rate has been around 10: 1. From the second quarter of this year, the RMB exchange rate against euro has accelerated, in six months it rose from 11:1 to 10:1. By now, rate of RMB against euro has risen by 0.24%.
The bank dealers believe that the recent signs of recession in euro zone economy help the dollar rebound and lead to weakness of the euro, resulting in the rising rate of RMB to euro.
Analysts pointed out that with the continuous weakening U.S. import demand and the growing diversity of China's foreign trade, the EU countries are increasingly becoming China's important trade partners. In this environment, although the fluctuation of rate of RMB to euro was still mild, the import and export enterprises must be concerned about the future exchange rate trends.
By People's Daily Online
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