The rubber market has been brought back to normal in Northern Shan State, resulting from a rise in the price of the Chinese Yuan, it is learnt.
The price of rubber remained unchanged in 2015 and 2016 at 9,000 Chinese Yuan (CHY). The merchants stored the rubber in September watching the CHY exchange rate. The rubber market returned to its place again after the rise in CHY price in October.
“We sold out the rubber at the offered price in the previous years, but we stored them to watch the right time to sell this year. We sold the rubber due to the high exchange rate of CHY”, said U Win Tin, a local rubber grower.
However, the rubber price is stable. The Chinese merchants are able to purchase the rubber only when the Yuan exchange rate is high.
“We always come to purchase rubber. We cannot help with the depreciation of Yuan. The growers sell the rubber due to opprecation of Yuan”, said a Chinese rubber merchant.
The exchange rate of the Yuan was Ks180 per Yuan in early 2016. One Yuan is exchanged rate Ks190 in October. The rubber market has come back again with Yuan.
Source: The Global New Light of Myanmar
