Experts Say RMB Logs Strong Opening to 2023 with Promising Outlook

RMB has been demonstrating a robust momentum over the past two months, and has successfully recovered the 6.9 mark against US Dollar at the beginning of 2023, reported China Securities Journal.

Participants of the financial sector anticipated that the reasonable recovery of RMB will likely be followed by a period of bi-directional volatility, as the Chinese currency gradually edges towards a reasonable long-term range, the report added.

Guan Tao, global chief economist at BOC International, said both domestic and international investors are upbeat on the outlook of China's economic recovery, and RMB may further appreciate against USD throughout 2023.