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China central bank weakens yuan against dollar, hits lowest record since 2020

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BEIJING (Sputnik) – China’s central bank continued to weaken its currency amid new outbreaks of COVID-19 in the cities of Chengdu and Shenzhen, setting the yuan at 6.8917 against the US dollar on Friday. At the end of August 2020, it was 6.8903.

Banks began depreciating their local currency at the end of April due to the numerous outbreaks of the coronavirus disease, the lockdown in Shanghai and the resulting disruptions in production and logistics chains.

On April 26, the renminbi exchange rate suffered its biggest drop since August 13, 2015, losing 681 basis points. As the epidemiological situation improved, the yuan exchange rate began to appreciate in May and has remained within 360 basis points of small fluctuations since mid-June.

In the country’s socio-economic development plan released at the opening of the National Assembly on March 5, Chinese authorities announced their intention to keep the yuan’s stable exchange rate at a reasonable and balanced level in 2022. did. Implement prudent monetary policy.



https://sputniknews.com/20220902/central-bank-of-china-weakens-yuan-against-dollar-setting-another-record-low-since-2020-1100297005.html China central bank weakens yuan against dollar, hits lowest record since 2020

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