---
title: "Which industries have a strong correlation between stock prices and the RMB exchange rate?"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/270911459.md"
description: "The article analyzes the correlation between stock prices in various industries and the exchange rate of the US dollar to the Chinese yuan since 2016, pointing out the impact of yuan appreciation on stock price increases. The main beneficiary industries include those with high dependence on imported raw materials, industries with high dollar debt costs, and industries driven by the increase in yuan purchasing power that boosts domestic demand. Specific industries include coking, steel, chemicals, energy metals, papermaking, aviation and airports, agricultural product processing, construction and real estate chain, logistics, optical optoelectronics, cross-border e-commerce, and hotel and catering. Investment should be approached with caution; this article does not constitute investment advice"
datetime: "2025-12-28T08:30:50.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/270911459.md)
  - [en](https://longbridge.com/en/news/270911459.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/270911459.md)
---

# Which industries have a strong correlation between stock prices and the RMB exchange rate?

Based on the median correlation of stock prices across various industries with the USD to RMB exchange rate since 2016, as well as the rolling three-month correlation, the sub-sectors with a strong negative correlation between stock prices and the USD to RMB exchange rate (i.e., RMB appreciation driving stock price increases) can be summarized into three core categories:

1.  High dependence on imported raw materials, with RMB appreciation driving down import costs: This includes coking coal, steel, certain chemical products (plastics, chemical raw materials, agricultural chemicals, rubber), energy metals, paper manufacturing, aviation and airports, and agricultural product processing.
    
2.  High cost of USD liabilities, with RMB appreciation driving down the cost of USD liabilities: Typical examples include the construction and real estate chain (real estate development, real estate services, specialized engineering) that reduces financing costs and broadens financing channels through overseas financing, as well as logistics, optical optoelectronics, trade, and diversified finance that hold high USD liabilities due to cross-border business currency matching needs.
    
3.  Increased purchasing power of RMB driving domestic demand/cross-border consumption: This is mainly concentrated in the service consumption and high-end consumption sectors, including cross-border e-commerce, hotels and restaurants, and jewelry.
    

 Source: Yao Wang Hou Shi

Risk Warning and Disclaimer

The market has risks, and investment should be cautious. This article does not constitute personal investment advice and does not take into account the specific investment goals, financial situation, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article align with their specific circumstances. Investment based on this is at one's own risk

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