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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.

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