# Пов'язані статті щодо Exchange Rate

Центр новин HTX надає останні статті та поглиблений аналіз на тему "Exchange Rate", що охоплює ринкові тренди, оновлення проєктів, технологічні розробки та регуляторну політику в криптоіндустрії.

As the Yuan Breaks 7, Why Is the Dollar Stablecoin USDT Trading at a Deep Discount?

The Chinese yuan (CNH) broke through the key 7.0 per dollar level in late December 2025, reaching its strongest point since Q3 2024. Concurrently, the USDT stablecoin experienced a rare and significant discount in its over-the-counter (OTC) price in China, falling to around 6.83 yuan—a negative premium of approximately 2.48% against the official exchange rate. This divergence is attributed to two main factors. First, a major external driver is the weakening US dollar. The dollar index fell 9% in 2025, its worst performance in eight years, driven by expectations of a more dovish Federal Reserve under new leadership and a reassessment of the "US exceptionalism" trade. This provided room for non-US currencies like the yuan to appreciate. Second, and more critically for USDT, was a significant regulatory crackdown in China. In early December 2025, Chinese regulators explicitly brought stablecoins like USDT under supervision to combat illegal cross-border capital flows and money laundering. This caused OTC traders to pause operations and many holders to panic-sell their USDT for yuan, creating a surge in supply and a collapse in demand that severely depressed its local price. Analysts conclude that the era of a perpetually strong dollar providing one-way gains is over. Market participants are now advised to move away from betting on unilateral currency moves and instead adopt a risk-neutral stance in a new environment of heightened volatility.

比推12/30 14:25

As the Yuan Breaks 7, Why Is the Dollar Stablecoin USDT Trading at a Deep Discount?

比推12/30 14:25

Renminbi Exchange Rate Returns to the '6' Era

The Chinese yuan (CNH) has appreciated against the US dollar, breaking through the key 7.0 threshold to re-enter the "6-era" for the first time in 15 months. This shift is attributed to seasonal year-end corporate dollar-to-yuan conversions, a weaker US dollar due to Federal Reserve rate cuts, and strong export performance—with China’s trade surplus exceeding $1 trillion for the first 11 months of 2025. Structural upgrades in exports, such as growth in integrated circuits and electric vehicles, have also strengthened the currency. Analysts from Goldman Sachs suggest the yuan was undervalued by nearly 30%, comparing current conditions to the mid-2000s—a period of sustained yuan strength. The appreciation may benefit import-reliant sectors and firms with dollar-denominated debt, while potentially pressuring traditional exporters. For investors, a stronger yuan could support A-share market performance and reduce overseas consumption costs, though currency speculation remains risky. Looking ahead, institutions like Goldman Sachs and Yuekai Securities expect gradual, managed yuan appreciation to continue into 2026, possibly reaching 6.8 against the dollar. However, the yuan has depreciated against a basket of other major currencies this year. Policy emphasis remains on maintaining exchange rate stability within a reasonable range.

marsbit12/26 02:35

Renminbi Exchange Rate Returns to the '6' Era

marsbit12/26 02:35

Renminbi Exchange Rate Returns to the '6' Era

Renminbi (RMB) re-entered the "6-era" against the U.S. dollar on December 25, marking a 15-month high for the offshore exchange rate. This shift follows a prolonged expectation of RMB appreciation, bolstered by a Goldman Sachs report indicating the currency is undervalued by nearly 30% relative to the dollar—a level comparable to the mid-2000s, which preceded a decade-long appreciation cycle. Key drivers include seasonal year-end forex settlement by exporters, a record trade surplus exceeding $1 trillion in the first 11 months, and a weaker dollar due to Federal Reserve rate cuts. Geopolitical factors, such as U.S. trade policy uncertainty and credit rating downgrades, also diverted global capital toward RMB assets. Economists note the appreciation is supported by China’s economic resilience, with upgraded GDP growth forecasts and a shift toward high-value exports like integrated circuits and electric vehicles. While the rally may benefit import-dependent sectors and firms with dollar debt, it pressures traditional exporters. For investors, RMB strength correlates with potential A股 gains but cautions against speculative forex moves. Analysts expect gradual, managed appreciation ahead, with stability emphasized by policymakers.

深潮12/26 01:43

Renminbi Exchange Rate Returns to the '6' Era

深潮12/26 01:43

Bitcoin's Losses Against the Dollar Are 10 Times Lower Than Against the Ruble. How Did This Happen

The article analyzes Bitcoin's (BTC) significant 30%+ depreciation against the Russian ruble since the start of 2025, contrasting it with much smaller losses against major currencies like the US dollar (~3%). This disparity is attributed to the ruble's own substantial strengthening, which appreciated roughly 25% against the dollar over the same period. Consequently, while Bitcoin hit new all-time highs against the dollar, euro, and yen in late 2024, it failed to do so against the ruble. The piece further explains that the Russian ruble/Bitcoin exchange rate is not directly traded on major spot markets. Instead, it is calculated by converting the BTC/USD price using the current USD/RUB rate, leading to potential pricing discrepancies. This indirect method, coupled with the absence of major exchanges like Binance from the Russian market, has fragmented liquidity. The market now heavily relies on peer-to-peer (P2P) exchanges and over-the-counter trades using stablecoins like USDT, which often trade at a premium to the official dollar rate. These conditions have created a challenging environment, increasing fraud and "gray" schemes in P2P markets. The situation is further complicated by recent Russian legislation that impose criminal penalties for using "dropper" bank accounts (money mules) and restrict cash withdrawals, which are expected to significantly alter the crypto exchange landscape.

RBK-crypto12/11 21:30

Bitcoin's Losses Against the Dollar Are 10 Times Lower Than Against the Ruble. How Did This Happen

RBK-crypto12/11 21:30

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