Chinese yuan continues to weaken
by ChemOrbis Editorial Team - content@chemorbis.com
According to media reports, the Chinese yuan fell for a 2nd day following an unexpected devaluation by China’s central bank on August 11. The yuan dropped an additional 1.6% against the dollar after the central bank cut the yuan’s reference rate by 1.9% in the previous day.
Economists commented that the yuan would have decreased in value in the recent months if left to market forces while the International Monetary Fund (IMF) stated that the devaluation of the yuan is a welcome step to let market forces a bigger role in China’s financial system.
Economists commented that the yuan would have decreased in value in the recent months if left to market forces while the International Monetary Fund (IMF) stated that the devaluation of the yuan is a welcome step to let market forces a bigger role in China’s financial system.
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