SteelOrbis Shanghai
On May 8, 2007, the RMB/USD average rate reached 7.6951, breaking the important barrier of 7.70 and again achieving a new record since the exchange rate reform. As a result, the cumulative appreciation range now totals 5.12 percent. Over the past month, the RMB appreciation range has amounted to 2.87 base points, successively breaking three important barriers, i.e., 7.73, 7.72, and 7.71.
In order to curb the rapid rise in China's trade surplus, the Chinese government has implemented a series of measures, including the acceleration of the RMB appreciation rate. Incidentally, the present appreciation range is still not sufficient to achieve a cut in steel exports.