On June 17, 2008, the central parity of the RMB against the US dollar broke 6.9 for the first time to 6.8919. Since the exchange rate reform in 2005, the appreciation of the renminbi against the US dollar has exceeded 20% for the first time, reaching 20.09%. The rapid appreciation of the renminbi and the deterioration of the external environment have put tremendous pressure on the exports of Chinese enterprises.