China: Weak RMB triggers export discounts

摘要

The continued deterioration in the renminbi against the US dollar has contributed to additional selling interest in urea for export from China over the week. The Chinese currency traded down to 7.16-7.17/$1 in recent days, compared to RMB 7.06/$1 as recently as the middle of last week, and the RMB 6.69 rate applicable in April this year.