Dollar – RMB exchange rate close to 8.00

SteelOrbis Shanghai Yesterday, the average exchange rate of RMB against the US dollar closed the day at 8.0098, a new record level. The cumulative appreciation of RMB since the exchange rate regime reform has reached 1.23 percent. Analysts think that the appreciation of RMB is inevitable and the value of RMB against Dollar may increase further with the upcoming visit of Chinese president, Mr. Hu Jingtao to the US. Some market players predict the appreciation range will be around 3 percent, while some other people forecast a larger ranger. Morgan Stanley marginally estimates a 12 percent appreciation by the end of the year.