Biggest devaluation of Chinese yuan in 20 years
2022.12.30 07:08
Biggest devaluation of Chinese yuan in 20 years
Budrigannews.com – On Friday, the domestic session of the Chinese yuan ended at a two-week high against the dollar, but it still appeared poised for the worst annual performance in 28 years.
The dollar closed the domestic trading session at 6.9514, its highest level since Dec. 14.
It would have lost 8.6% against the dollar for the year if it finished the late-night session at the domestic closing level. This would be the biggest annual drop since China unified market and official rates in 1994.
This year, the Chinese currency was put under pressure by a number of major factors, including the buoyant dollar as a result of the Federal Reserve’s tightening and the domestic economic slowdown caused by COVID.
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