The RMB exchange rate against the Turkish lira has shown fluctuations in recent time. Here are some useful points to understand the trend:
1. RMB Exchange Rate Overview
The RMB exchange rate against the Turkish lira has experienced ups and downs. As of January 10, 2024, the exchange rate is 0.2394 TRY to 1 CNY, which has increased slightly by 0.0003 TRY or 0.1339%. The opening rate was 0.2395, and the previous closing rate was 0.2391. The amplitude of the exchange rate is -0.5145%.
The RMB exchange rate against the Turkish lira can also be visualized through a trend chart tool, providing historical and latest exchange rate data. This tool enables professional trend analysis.
2. Calculating Foreign Exchange Rates
Foreign exchange rates can be calculated using a formula. For currencies traded in the interbank market, the average selling rate, average buying rate, and the People's Bank of China's benchmark rate are used. For less commonly used currencies, the exchange rate against the US dollar is first calculated and then converted to the Chinese yuan.
For example, the RMB exchange rate against the Turkish lira is determined based on the exchange rate between the Turkish lira and the US dollar, and then converted into the RMB exchange rate.
3. Factors Influencing RMB Exchange Rate
The RMB exchange rate is affected by a variety of factors, including:
4. Impact of RMB Exchange Rate on Trade and Investment
The exchange rate between the RMB and the Turkish lira can have implications for trade and investment between China and Turkey. A strong RMB can make Turkish products relatively cheaper for Chinese buyers, which may stimulate imports from Turkey.
On the other hand, a weak RMB can make Chinese products more competitive in the Turkish market, potentially increasing Chinese exports to Turkey.
Furthermore, the exchange rate affects the cost of investment. Chinese investors may find it more affordable to invest in Turkey when the RMB is strong compared to the Turkish lira.
5. Managing Exchange Rate Risks
Businesses and investors can take measures to manage exchange rate risks when dealing with the RMB and the Turkish lira:
In conclusion, the RMB exchange rate against the Turkish lira has shown fluctuations due to various factors. Monitoring these trends and understanding the impact of exchange rate movements can help businesses and investors make informed decisions.