Yuan Taps New Low Versus US Dollar as Investors React to Endorsement of Chine...
The Chinese yuan’s offshore exchange rate against the U.S. dollar fell to a new all-time low of 7.33:1 just over a day after the conclusion of the Chinese Communist Party’s congress which gave President Xi Jinping the mandate to lead the country for the third time. Concerns over Xi’s unprecedented third term, as well as the reshuffle of his top team, are said to have sparked a sell-off of stocks that wiped billions from the wealth of China’s super rich. Chinese Yuan Has Depreciated by 7% Since Late August The Chinese currency’s offshore exchange rate versus the....
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Moments after the Chinese yuan’s onshore exchange rate versus the U.S. dollar slumped to 7.2458 per dollar, the Peoples Bank of China responded by stating that it will prioritize stabilizing the currency. Similar to other currencies that have been depreciating against the dollar, the yuan has now lost 12% versus the greenback so far this year.
Central Bank Warns Currency Speculators
The Chinese yuan’s onshore exchange rate against the greenback recently plunged to 7.2458 for every dollar, the lowest since January 2008. The yuan’s latest slump came just days....
The offshore exchange rate of China’s fiat currency versus the U.S. dollar recently breached the 7:1 mark for the first time in over two years, after it touched a new 2022 low of 7.0188 yuan for every dollar on September 15. Similar to other global currencies that have depreciated in 2022, the yuan’s decline is being driven by the strengthening of the U.S. dollar. The Yuan’s Depreciation The offshore exchange rate of the Chinese currency versus the U.S. dollar breached the seven RMB per every dollar mark after it traded at 7.0188 on September 15, 2022. This is the....
On Friday, the official fiat currency of 19 out of the 27 member states of the European Union (EU), the euro, plunged to a low of $0.9732 against the U.S. dollar. The drop comes at a time when fiat currencies like the yen, yuan, and pound have struggled against the greenback during the past six months. Analysts claim the pound and euro are trapped in a “doom loop” and it’s also been said that the U.S. dollar is “the only possible hedge” against a failing global economy. Citigroup Analysts Say Greenback Is the Only Haven in This Macroeconomic Environment....
Investors flocking to Bitcoin explains the recent price increase of the popular cryptocurrency. In fact, it appears Chinese investors are driving the price up even further. Things are not looking all that great for the Yuan right now. After reaching an eight-year low overnight, investors are growing concerned about this fiat currency. Chinese banks slashed their forecasts for the exchange rate as well. A looming Federal Reserve interest rate hike is driving the Yuan down, and further lows are on the horizon. Anyone holding a portfolio containing Yuan will be more than concerned right now.....
China’s sovereign currency, the yuan, has slid significantly in value during the last few months as it has shed 8% against the U.S. dollar during the first half of 2022. China’s fiat currency is currently the weakest it has been against the U.S. dollar in roughly two years. Amid the depreciating yuan, China is suffering from a significant real estate crisis as the overextended Chinese housing sector has been collapsing.
China’s Yuan Slides to a 2-Year Low Against the US Dollar, PBOC Slashes Rates to Bolster Liquidity
The global economy is not looking great....