Since the start of this year, Chinese Yuan (CNY) had strengthened against US dollar (USD) and Singapore dollar (SGD). The jump was more pronounced since two weeks ago, especially for SGD against CNY.
|1 Jan 2013||7 May 2013||24 May 2013|
|USD/CNY||6.2306||6.1666 (-1.02%)||6.1240 (- 0.69%)|
|SGD/CNY||5.1041||5.0093 (- 1.85%)||4.8496 (- 3.18%)|
The currency rates are quoted as 1 USD = X CNY and 1 SGD = X CNY. USD and SGD weakened against CNY, ie CNY strengthened.
US has been for years saying that Chinese Yuan is undervalued in order to boost China exports to US. China has since 2005 allowed for appreciation of CNY overtime to current level.
In case of Singapore dollar, CNY appreciated even more when compared with USD/CNY. Singapore dollar weakened significantly in past two week by 3.18%. If you held on to your CNY investments, that CNY investments can be converted to higher Singapore dollar.
Copyright © 2013, limkimtong for Living Investment
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