The US dollar exchange rate soared again! Rising to 7.25!

The US dollar rose against the RMB again!!!

On June 26, the USD/CNY exchange rate rose to 7.20 and then continued to extend upward.

On June 28, the US dollar exchange rate continued to soar to 7.2692, both setting new highs since November 2022.

On June 29, the USD/CNY exchange rate once again broke through the 7.25 mark.

As of now, the offshore RMB exchange rate against the US dollar is 7.2564.

Some analysts say that the rise in the US dollar exchange rate is influenced by many factors.

Since the first and second quarters, the domestic economic recovery has slowed down, and the central bank has started to cut interest rates and reserve requirements;

Second, although the Fed skipped the June rate hike pause, it is expected that the Fed will still raise interest rates 1-2 times this year, and the US dollar index has strengthened recently;

Third, supply and demand have changed, and the demand for US dollars has increased. From January to May this year, banks have accumulated foreign exchange settlements of 932.2 billion US dollars and foreign exchange sales of 938.7 billion US dollars, with a deficit of 6.5 billion US dollars. The reason behind the increase in demand for US dollars may be related to the US debt default and geopolitics some time ago.

Judging from the purpose and results of the US interest rate hike, the US will not stop the interest rate hike process in the short term. In this case, at least our sellers don’t have to worry about this peak season, and the profits that can be earned will increase. The current exchange rate trend is beneficial to the majority of export foreign trade and cross-border e-commerce companies. Our big seller circle has discussed exchange rates many times, and the big guys always predict the exchange rate. Everyone can join our core big seller circle to discuss how to use the exchange rate window period and study the balance point between expansion and profit.

The company is also seeking a lawyer specializing in trade compliance to help Temu develop commodity screening protocols , according to another job posting.

Regarding recruiting personnel, Temu has not yet responded.

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