There has been a continuous depreciation of the RMB

Jul 28, 2023

Since April, the exchange rate of the Chinese yuan has been continuously depreciating, breaking through 7 in mid-May and currently approaching around 7.2, with a large fluctuation. Taking LLDPE as an example, the price spread between the domestic and foreign markets is currently controlled at around 100-150yuan/mt. If the imported PE market price remains high, the price spread will be enlarged and the USD-dominated goods will have no price advantage. Therefore, some traders have slightly lowered their prices to balance the price spread between the RMB market and CFR China markets in order to promote the transaction of USD-dominated goods. 

The prices of ethylene monomer have declined
RMB market has continued to fluctuate

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