China raises nominal rate of RMB against U.S. dollar
- 5 years ago
美 '환율전쟁 압박'에 中 인민은행 위안화 평가절상
China's foreign exchange authorities significantly lowered the exchange rate for the yuan.
The move comes just days after the U.S. said it's considering new duties on goods from countries that undervalue their currencies.
Kim Da-mi updates us on the situation.
The People's Bank of China set its reference rate at 6-point-89 yuan against the U.S. dollar on Monday, down zero-point-one percent from the previous day.
This means the Chinese yuan strengthened against the greenback.
China's central bank had been raising the rate, making the currency weaker.
It did so for 11 straight days until last Thursday, the 23rd, and then again the next day by a nominal amount.
Technically, this is the first time the Chinese financial authorities have significantly lowered the mid-point rate since the trade talks between the U.S. and China ended without a deal on the 10th.
The Chinese government has clarified that China will not tolerate a rapid devaluation of the yuan... and has blamed the depreciating yuan on the unsuccessful trade talks with the U.S.
Last Thursday, the U.S. Commerce Department proposed new countervailing duties on products from countries that undervalue their currencies against the dollar.
According to the department, the new rule could include new criteria for determining when currencies are undervalued.
Reports say it could snare other countries, including Germany, and even South Korea.
KIM Da-mi, Arirang News.
China's foreign exchange authorities significantly lowered the exchange rate for the yuan.
The move comes just days after the U.S. said it's considering new duties on goods from countries that undervalue their currencies.
Kim Da-mi updates us on the situation.
The People's Bank of China set its reference rate at 6-point-89 yuan against the U.S. dollar on Monday, down zero-point-one percent from the previous day.
This means the Chinese yuan strengthened against the greenback.
China's central bank had been raising the rate, making the currency weaker.
It did so for 11 straight days until last Thursday, the 23rd, and then again the next day by a nominal amount.
Technically, this is the first time the Chinese financial authorities have significantly lowered the mid-point rate since the trade talks between the U.S. and China ended without a deal on the 10th.
The Chinese government has clarified that China will not tolerate a rapid devaluation of the yuan... and has blamed the depreciating yuan on the unsuccessful trade talks with the U.S.
Last Thursday, the U.S. Commerce Department proposed new countervailing duties on products from countries that undervalue their currencies against the dollar.
According to the department, the new rule could include new criteria for determining when currencies are undervalued.
Reports say it could snare other countries, including Germany, and even South Korea.
KIM Da-mi, Arirang News.