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How do you view the RMB exchange rate breaking 7? Sep 22,2022

On September 15, Beijing time, the spot rate of the offshore RMB to the US dollar fell below the integer mark of "7" in the foreign exchange market. After more than two years, the exchange rate of RMB against US dollar once again stepped into the "7" era. 
In fact, the impact of exchange rate has been an old topic, exchange rate depreciation has both advantages and disadvantages. A moderate depreciation will help improve export competitiveness and price advantage and promote the recovery of the real economy, but import costs for importing enterprises will increase.
For example, textile and clothing, furniture and building materials products account for a large share of China's export trade, and a moderate depreciation of the yuan may benefit enterprises in these industries. Conversely, industries that need to import raw materials, goods and services from overseas, as well as companies carrying more dollar bonds, could be negatively affected. 

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