Experts sure RMB won't have meltdown

Trade surplus, opening-up, fiscal and monetary measures seen as supports

While the renminbi exchange rate against the US dollar touched a 23-month low on Monday, it is unlikely the Chinese yuan will depreciate significantly in the rest of the year, thanks to the country's economic resilience, said experts.

Spot USD/CNY fell 296 basis points to close at 6.8384 on Monday, the lowest level since Sept 10, 2020.

This was mainly due to the rally of the US dollar on Monday, with the dollar index hitting the 109 level again, said Ipek Ozkardeskaya, senior analyst of Swissquote Bank.