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| China-Japan-Koreas |
| Finance Experts downplay yuan's depreciation |
| 2022-05-13 |
| [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 |
| #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 |
| #1 Maybe they'll switch to rubles. |
| Posted by: Skidmark 2022-05-13 15:09 |