31 Aug '15, 3pm

New: What is Impact of the Renminbi’s Devaluation on Singapore?

By Paul Ho (guest contributor) China is currently Singapore’s biggest export market, accounting for 14% of our export value. Therefore a devaluation vis-à-vis the Singapore dollar will make Singapore’s goods more expensive to the Chinese. To put matters into perspective, five years ago, 1 Singapore Dollar (SGD) traded as high as 5.33 Chinese Renminbi (RMB). Now 1SGD trades for 4.48 RMB. The RMB has strengthened a lot against the Singapore dollar. The rise of the US Dollar The recent rise of the US Dollar (USD)tracks the United States’ gradual emergence from the recession with its unemployment rate dropping to 5.3% (as at July 2015) and an impending rise of Federal Funds Target Rate, making the USD and US assets attractive. Hence,many currencies are weakening against the USD. Given that the US and Japan have unilaterally devalued their currency via Quantitative Easing (also...

Full article: http://www.propwise.sg/what-is-impact-of-the-renminbis-de...

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