market-update No. 85-2020 Chinese New crop pumpkinseed kernels-currency developement
2020-10-09 | Chinese pumpkin seeds from new harvest still rising
The commodity traders who work professionally with Chinese oilseed exporters on a daily base know that the Chinese Renminbi is not a freely traded currency whose rate is determined by the market. The Chinese government is trying to make the external value, especially towards the world reserve currency USD, as attractive as possible for Chinese exporters, i.e., to keep it low to benefit the domestic economy. Currently, this is no longer successful.
The commodity traders who work professionally with Chinese oilseed exporters on a daily base know that the Chinese Renminbi is not a freely traded currency whose rate is determined by the market. The Chinese government is trying to make the external value, especially towards the world reserve currency USD, as attractive as possible for Chinese exporters, i.e., to keep it low to benefit the domestic economy. Currently, this is no longer successful.