Article

2022-05-13 China-Japan-Koreas

Finance Experts downplay yuan's depreciation

[China Daily] Though the yuan may face continued pressure from a strong US dollar in the coming weeks, the Chinese currency may gain a firmer footing later this year with a more stable COVID-19 situation and slower US monetary tightening, experts said on Thursday.

The offshore yuan exchange rate against the dollar dropped below 6.80 on Thursday afternoon, a level not seen since September 2020, making the year-to-date depreciation about 7 percent.

The onshore yuan, meanwhile, came in at around 6.79 on Thursday afternoon, weakening by about 600 basis points from Wednesday's close.

Wang Youxin, a senior researcher at Bank of China, said the yuan's slump on Thursday can be attributed to expectations of further US monetary tightening triggered by a weaker-than-anticipated slowdown in US inflation.

Posted by Matt 2022-05-13 07:53|| || Front Page|| [11129 views ] Top
File under: Commies

#1 Maybe they'll switch to rubles.

Posted by Skidmark 2022-05-13 15:09|| 2022-05-13 15:09|| Front Page Top

#2 So the Biden Family monthly stipends will be worth less?

Or do they get a COLA increase?

Posted by Mullah Richard 2022-05-13 17:33|| 2022-05-13 17:33|| Front Page Top

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