Chinese importers suffering from RMB depreciation

摘要

The recent and rapid depreciation of the RMB has caused a lot of pain to Chinese scrap importers, whotraditionally do not hedge their foreign exchange risk due to the small volume of scrap imported oncontract. According to The People’s Bank of China, the USD to RMB exchange rate fell rapidly from0.1583 USD/RMB on 2nd November 2015 to 0.1524 USD/RMB on 13th January 2016, down 4% over thetwo-month period.