As the US dollar index continues to rise and hit a new high since 2002. On August 29, the onshore and offshore RMB exchange rates against the U.S. dollar hit a new low since August 2020. The onshore renminbi against the U.S. dollar once fell below the 6.92 mark; the offshore renminbi fell below 6.93 yuan at a minimum.
It is worth mentioning that, compared with the major non-U.S. currencies in the world, the recent decline in the exchange rate of RMB against the U.S. dollar is relatively small, during this time, the stability of the value of the RMB is still relatively strong.
Institutional sources believe that the rational and orderly adjustment of the RMB exchange rate will better match the recent changes in fundamentals, and will also help consolidate the resilience of foreign trade development.
Lian Ping, the director of the Investment Research Institute, said that the periodic adjustment of the RMB exchange rate will have a certain positive impact on exports. This promotion is more reflected at the micro-enterprise level, and helps to improve the operating conditions of market players.
According to a CITIC Securities research report, the depreciation of the RMB exchange rate logically benefits exporting companies that settle in foreign currencies. It is recommended to pay attention to three main investment lines: stocks with a high proportion of export business, stocks that benefit from domestic consumption upgrades + brand overseas dividends, and track growth excellent private brand overseas enterprise.
The Everbright Securities said that the depreciation of the RMB exchange rate against the US dollar will benefit the export sector, and sectors such as petrochemicals, textiles and apparel, home appliances, communications, and shipping will benefit.
Post time: Sep-05-2022