Company: YSXT
Filing Date: 2025-07-31
Form Type: 20-F
Source: 0001410578-25-001545
Chunk: 20

Company: YSX Tech Co., Ltd
Filing Date: 2025-07-31
Form: 20-F
Item: Item 3
Chunk 20
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 Euro, the Japanese yen, and the British pound. In the fourth quarter of 2016, RMB depreciated significantly in the backdrop of a surging U. S. dollar and persistent capital outflows of China. This depreciation halted in 2017, and RMB appreciated approximately 7% against the U. S. dollar during this one-year period. In 2020, RMB appreciated approximately 6.9% against the U. S. dollar. In 2021, RMB depreciated approximately 2.6% against the U. S. dollar. In 2022, RMB depreciated approximately 7.17% against the U. S. dollar. In 2023, RMB depreciated approximately 6.2% against the U. S. dollar. In 2024, RMB depreciated approximately 4.4% against the U. S. dollar. With the development of the foreign exchange market and progress towards interest rate liberalization and RMB internationalization, the PRC government may in the future announce further changes to the exchange rate system, and we cannot assure you that RMB will not appreciate or depreciate significantly in value against the U. S. dollar in the future. It is difficult to predict how market forces or PRC or U. S. government policy may impact the exchange rate between RMB and the U. S. dollar in the future. Since we own and operate stores both in the PRC and the U. S., the fluctuations in exchange rates would have a negative effect on our business and results of operations and financial condition.

Most of our business is conducted in the PRC, and most of our books and records are maintained in RMB, which is the currency of the PRC, and the financial statements that we file with the SEC and provide to our shareholders are presented in U. S. dollars. Changes in the exchange rates between RMB and U. S. dollar affect the value of our assets and the results of our operations, when presented in U. S. dollars. The value of RMB against the U. S. dollar and other currencies may fluctuate and is affected by, among other things, changes in the PRC’s political and economic conditions and perceived changes in the economy of the PRC and the U. S. Any significant revaluation of RMB may materially and adversely affect our cash flows, revenue, and financial condition.

Table of Contents

Very limited hedging options are available in China to reduce