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June 1, 2020

Chinese timber importers face additional cost pressure from Chinese currency devaluation against US dollar

Chinese timber importers face additional cost pressure from Chinese currency devaluation against US dollar
On May 28, the People ’s Bank of China authorized the China Foreign Exchange Trading Center to announce that the central parity rate of the RMB against the US dollar was reported at 7.1277, a decrease of 185 basis points from the previous trading day and fell below the 7.12 mark. On the evening of May 27, the offshore RMB exchange rate against the US dollar once fell below the 7.19 mark.    China is one of the world's largest importers of commodities, and the import demand for raw materials such as crude ...

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