How much is the Singapore dollar against the Chinese yuan: analysis of recent exchange rate trends and hot topics
Recently, the exchange rate fluctuations of the Singapore dollar (SGD) against the Chinese yuan (CNY) have attracted widespread attention. This article combines the hot topics and hot content on the Internet in the past 10 days to sort out exchange rate trends and influencing factors for you, and provide structured data reference.
1. The latest data on the exchange rate of Singapore currency against RMB
| Date | 1 Singapore Dollar to Chinese Yuan | Increase or decrease |
|---|---|---|
| 2023-11-01 | 5.35 | +0.2% |
| 2023-11-05 | 5.38 | +0.56% |
| 2023-11-10 | 5.32 | -0.37% |
2. Hot Topics Affecting Exchange Rates
1.Fed rate hike expectations cool: The U.S. non-farm payrolls data for October was lower than expected, and the market's expectations for the Federal Reserve to suspend interest rate increases increased, causing the U.S. dollar index to fall, indirectly affecting the Singapore dollar exchange rate.
2.Signs of China's economic recovery: China's manufacturing PMI rebounded to 49.5 in October, the RMB exchange rate gained support, and the Singapore dollar experienced a slight correction against the RMB.
3.Monetary Authority of Singapore policy adjustments: The Monetary Authority of Singapore kept its monetary policy unchanged, but hinted that it may tighten policy to combat inflation, and the Singapore dollar exchange rate received mid- to long-term support.
3. Analysis of Singapore Currency Exchange Rate Trends
In the past 10 days, the Singapore dollar has shown a trend of "first rising and then falling" against the RMB:
| stage | Features | main reason |
|---|---|---|
| November 1-5 | Continue to rise | USD weakens + Singapore economic data improves |
| November 6-10 | Slight fall | RMB rebound + market profit-taking |
4. Summary of expert opinions
1.Analyst at OCBC Bank: It is expected that the Singapore dollar will fluctuate in the range of 5.25-5.45 against the RMB before the end of the year. It is recommended to pay attention to the effect of China's real estate policy.
2.UOB report: Singapore’s core inflation rate is still above 3%, and the Singapore dollar may continue to remain strong, but the room for RMB depreciation is limited.
3.CICC Research: Against the background of the narrowing interest rate gap between China and the United States, the RMB exchange rate is more likely to stabilize and rebound. It is recommended that enterprises manage exchange rate risks well.
5. Practical suggestions
1.International student group: You can pay attention to the low exchange rate in mid-to-late November and exchange Singapore dollars in batches to pay tuition.
2.Cross-border e-commerce practitioners: It is recommended to use forward exchange settlement tools to lock in the exchange rate and avoid short-term fluctuation risks.
3.investor: Singapore REITs and other assets denominated in Singapore dollars can be appropriately allocated to diversify exchange rate risks.
6. Preview of important events in the coming week
| Date | event | potential impact |
|---|---|---|
| November 15 | China's October economic data released | May affect the trend of the RMB |
| November 16 | US CPI data released | Influence the direction of the U.S. dollar index |
| November 17 | Singapore’s final GDP in the third quarter | Related to Singapore Currency Policy Expectations |
To summarize, the Singapore dollar-RMB exchange rate has recently fluctuated in the range of 5.3-5.4, showing two-way fluctuations due to multiple factors. It is recommended that relevant groups pay close attention to macroeconomic data and policy changes, and reasonably arrange foreign exchange trading opportunities based on actual needs.
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