Chinese exporters refuse to hold RMB

Chinese exporters are becoming more hesitant to keep the renminbi (RMB) as the currency loses value, prompting them to look for other options.
Since 2014, the US dollar has consistently gained strength against the RMB, with the exchange rate going from 6.1 to 1. The Chinese government aims to avoid the psychological barrier of the USD/CNY exchange rate exceeding 7, but it has remained above seven for the past year.
When the yuan is devalued, it makes exports cheaper because one dollar can be exchanged for more renminbi, making goods priced in renminbi more attractive to Americans. However, the problem is that China's imports, including commodities and energy, must be paid for in US dollars.

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