Encouraging GDP Data, Strong Exports Sustain Chinese Currency’s Bull Run

By Wang Shiyu, Peng Qinqin and Zhang Yukun

pictureA bank employee counts U.S. dollars in East China’s Jiangsu province in October 2021. Photo: VCG

The value of the Chinese yuan against the U.S. dollar maintained its upward momentum at the beginning of 2022, boosted by strong exports and promising economic growth in the last quarter of 2021.

The yuan spot exchange rate against the U.S. dollar hovered around 6.34 on Friday. The CFETS RMB Index, which measures the value of the yuan against a basket of 24 currencies including the U.S. dollar and the euro, rose to a six-year high of 102.98 on Jan. 7 before dropping slightly to 102.14 last week.

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