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Low growth in China and its effect on the exchange rate

Abbreviated Question: 
Low growth in China and its effect on the exchange rate
Answer: 

Fundamentally the change of the exchange rate reflects the difference of productivity growth between China and U.S.. In the past decade, the productivity of China grew faster than U.S. and therefore we see a long-term appreciation of RMB over U.S. Dollar. The trend seems reversed in 2018.  In the 4th quarter of 2018, the growth rate in China is 6.6%, which is almost the lowest since early 1990s. In contrast, U.S. economy is pretty strong now.