https://sputnikglobe.com/20220902/central-bank-of-china-weakens-yuan-against-dollar-setting-another-record-low-since-2020-1100297005.html
Central Bank of China Weakens Yuan Against Dollar, Setting Another Record Low Since 2020
Central Bank of China Weakens Yuan Against Dollar, Setting Another Record Low Since 2020
Sputnik International
BEIJING (Sputnik) - The Central Bank of China continued to weaken the national currency amid new outbreaks of COVID-19 in the cities of Chengdu and Shenzhen... 02.09.2022, Sputnik International
2022-09-02T07:29+0000
2022-09-02T07:29+0000
2022-09-02T07:30+0000
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The bank began to depreciate the national currency at the end of April due to numerous outbreaks of coronavirus infection, a lockdown in Shanghai, and the resulting disruptions in production and logistics chains. On April 26, the yuan exchange rate showed the biggest drop since August 13, 2015, falling by 681 basis points. In May, amid improvements in the epidemiological situation, the yuan exchange rate began to grow, and since mid-June, its slight fluctuations have been registered within no more than 360 basis points.In the socio-economic development plan of the country, published at the opening of the parliamentary session on March 5, the Chinese authorities announced their intention to maintain a stable exchange rate of the yuan at a rational and balanced level in 2022, as well as to implement a prudent monetary policy.
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Central Bank of China Weakens Yuan Against Dollar, Setting Another Record Low Since 2020
07:29 GMT 02.09.2022 (Updated: 07:30 GMT 02.09.2022) BEIJING (Sputnik) - The Central Bank of China continued to weaken the national currency amid new outbreaks of COVID-19 in the cities of Chengdu and Shenzhen, setting the yuan against the US dollar at 6.8917 on Friday, which is the lowest rate since the end of August 2020, when it was 6.8903.
The bank began to depreciate the national currency at the end of April due to numerous outbreaks of coronavirus infection, a lockdown in Shanghai, and the resulting disruptions in production and logistics chains.
On April 26, the yuan exchange rate showed the biggest drop since August 13, 2015, falling by 681 basis points. In May, amid improvements in the epidemiological situation, the yuan exchange rate began to grow, and since mid-June, its slight fluctuations have been registered within no more than 360 basis points.
In the socio-economic development plan of the country, published at the opening of the parliamentary session on March 5, the Chinese authorities announced their intention to maintain a stable exchange rate of the yuan at a rational and balanced level in 2022, as well as to implement a prudent monetary policy.
