According to WorldWay comprehensive reports: From April of this year to date, the EUR to CNY exchange rate has fallen from a high of 8.7 to 7.9333 as of yesterday, a decline of 8.8%.
The ECB cuts interest rates and prepares to start the printing press; the spot exchange rate of the CNY against the EUR has appreciated by nearly 10% over the past 4 months.
◆ The Euro experiences a dramatic plunge ◆
Last Thursday, the European Central Bank (ECB) interest rate meeting unexpectedly announced a 10-basis-point cut to its three key interest rates. The benchmark refinancing rate was lowered from 0.15% to 0.05%, the marginal lending rate from 0.40% to 0.30%, and the deposit facility rate from "negative 0.10%" to "negative 0.20%". The ECB also announced that it would begin purchasing asset-backed securities (ABS) in early October this year to promote credit expansion. Furthermore, the ECB revealed that the purchase of sovereign bonds from various countries has been under discussion by central bank committee members.
Influenced by the above major negative news, the Euro fell by 1.57% that day. It rebounded by only 0.06% to 1.2952 USD last Friday, and fell again to 1.2885 USD yesterday.
Experts believe that the ECB's interest rate cut, combined with the previous expectations of a rate hike by the Federal Reserve, may trigger a new round of appreciation for the CNY. At the same time, this news has greatly stimulated the European immigration population, led by those interested in Portugal immigration.
◆ Purchasing property in Portugal receives another disguised discount ◆
Currently, the rise of the CNY against the EUR means that Chinese investors seeking the "Golden Residence" now receive another "discount" opportunity when purchasing property in Portugal.
For example, a property worth 500,000 EUR would have cost 4.2687 million CNY on May 5th of this year, but by September 5th, it would only cost 3.9892 million CNY, a "discount" of nearly 300,000 CNY. Due to the sluggish EUR exchange rate, now can be considered the most suitable time to come to Portugal to purchase property.
WorldWay has helped countless domestic investors successfully and safely obtain the Portugal Golden Residence Permit. Domestic investors' property investments are mainly distributed in the following four areas: Lisbon Old Town, the Expo New District, the Cascais region, and suburban golf resort villa areas. WorldWay has established strategic partnerships with top developers in Portugal and possesses unique property resources. All property prices are open and transparent, with thousands of high-quality ready-to-move-in properties available to help investors purchase their ideal homes.
WorldWay Editor
