RMB：What lies ahead in the 2nd half of 2023?
17 Jun 2023
Entering 2023, the Renminbi (RMB) experienced a brief appreciation to 6.7, fueling market optimism about the RMB's prospects amidst China's economic recovery. In my article titled "Where does the RMB go after the Chinese New Year?
" published on January 30th this year, I predicted a lack of sustainable support for the short-term Renminbi rebound, anticipating a possible pullback within the next one or two months, with the exchange rate potentially returning to the 7 benchmark.Subsequently, by the end of February, the Renminbi depreciated to 7, swiftly entering a devaluation trend by the end of April, as it became evident that the Chinese economy had not undergone a genuine recovery.