Throughout the year, the British pound has depreciated by 5.6% against the US dollar, the euro has depreciated by 5.7% against the US dollar, and the RMB has only depreciated by 5.8% against the same reference. Compared with the currencies of other developing countries, e.g. India, South Africa, Turkey and Brazil, ours is also stable.
The changes in exchange rate are mainly due to a robust dollar index, with China-US trade frictions particularly impacting on RMB exchange rate. Even in such a situation, the currency remained rather stable, with no major difference from the trends of the British pound and the euro.