Real Exchange Rate Trends Moderated in 2026Q3 

Real Effective Exchange Rates, Country Data, September 2026

Contributors: Andrew Baer, Abdulrahman Gweder and Emmanuel Manolikakis

A slowdown in both the yen’s real depreciation and the renminbi’s real appreciation helped drive convergence in year-over-year real effective exchange rate (REER) movements across the world’s major currencies in the third quarter of 2026. With year-over-year changes in the dollar and euro REERs remaining near zero in recent months, these developments brought the major currencies’ REER movements closer together.

Changes in nominal exchange rates drove real effective exchange rate movements over the last year. REERs measure currencies against trade-weighted baskets of partner currencies, adjusted for relative prices. While REER changes reflect the combined effects of both nominal exchange rate changes and inflation differentials, changes in nominal effective exchange rates (NEERs) do not include the latter. While changes in nominal rates dominated currency adjustments in 2026, comparatively low inflation in China has moderated real effective appreciation in the renminbi.

Notes: The REER statistics are based on year-over-year percentage changes of monthly indices. The IMF disseminates REERs for 93 countries monthly, approximately 1 month following the reference period.  An increase in the value of the REER measures an appreciation of the currency against its trading partners. A decrease in REER indicates a depreciation.

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