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China’s yuan drops sharply against the US dollar

by ChemOrbis Editorial Team -
  • 15/11/2016 (16:12)
According to data released by the China Foreign Exchange Trading System (CFETS), on Tuesday, China’s yuan dropped sharply to a near 8-year low against the US dollar. The exchange rate of yuan depreciated 204 basis points to 6.8495 against the dollar. It is stated that this loss may cause short-term pressure on the yuan. However, it remained unchanged against a basket of currencies.

According to Huili Chang, analyst at China International Capital Corp., until the end of 2017, the yuan may record small depreciations to retreat to 6.98 against the dollar.

In China’s spot foreign exchange market, the yuan is allowed to float by 2% from the central parity rate on trading days.
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