The market is greatly affected by the exchange rate

In the second half of 2022, CFR China market was greatly affected by the exchange rate. Basically, the monthly trend was not only affected by the RMB futures-spot market, but also partly affected by the exchange rate. This is also the response of the market to balance the price spread between RMB market and CFR China market. Especially from July to October, due to the obvious depreciation of the RMB, CFR China market price declined as a whole, and in November and December due to the appreciation of RMB, market price picked up slightly.