News

On Aug. 5, 2019 the offshore yuan traded at 7.0356 to the U.S. dollar, falling nearly 600 points to break the 7-yuan mark. The Chinese yuan later fell below 7 yuan to the dollar.

China central bank president Yi gang said:The current RMB exchange rate is at an appropriate level, both in terms of the fundamentals of China's economy and the balance of supply and demand in the aluminum foil market.

Although the RMB exchange rate has fluctuated recently due to external uncertainties, I am confident that the RMB will continue to be a strong currency.

The people's bank of China is fully experienced and capable of maintaining the smooth operation of the foreign exchange market and keeping the RMB exchange rate basically stable at an appropriate and balanced level.

The depreciation of the RMB has certain benefits for export-oriented enterprises, especially small aluminum foil manufacturing enterprises.On the one hand, the depreciation of RMB is beneficial to the company to reduce costs and improve the competitiveness of products, and enterprises will get more orders. On the other hand, is advantageous to the export - oriented enterprise to obtain the exchange income. A weaker yuan means more purchasing power for foreign currencies, which will further boost consumption and help exports.