SteelOrbis Shanghai
On March 13, the average RMB/USD exchange rate reached 7.0970, achieving a new record for the twenty first time since the beginning of 2008. The appreciation range of the RMB now totals 14.18 percent based on the exchange rate of 8.11 at the time of the 2005 exchange rate reform. Since the beginning of 2008, the RMB has appreciated by 2.77 percent in relation to the US dollar.
The dramatic drop in value of the US dollar yesterday, March 12, against the major world currencies directly contributed to pushing up the RMB/USD exchange rate.