Today (October 7), the exchange rate of the Singapore dollar against the Chinese yuan fell sharply to 5.38!
This precipitous decline began on October 4 and has not yet picked up.
The exchange rate of the Singapore dollar against the renminbi has risen steadily from 5.16 in April to 5.47 in October, thinking that it will once fall to 5.5!
In a recent monetary policy statement by the Monetary Authority of Singapore, the HKMA announced that it would keep monetary policy unchanged, indicating that the Singapore dollar will continue to appreciate.
At that time, an interviewed analyst pointed out that the Singapore dollar against the yuan is expected to hit a new high in the second half of the year, and it is difficult to reproduce 1 to 5 in the short term.
This wave of exchange rate decline is believed to be related to the current round of changes in China's stock market.
A falling exchange rate is not necessarily a good thing for Chinese working in Singapore, as it means they can exchange more Singapore dollars for less yuan. There is a constant demand for remittances between China and Singapore, so everyone should pay attention to the safety of remittance and choose formal institutions.
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