Yuan's basic exchange rate breaks 7 yuan per dollar mark for first time in 11 years
- 5 years ago
위안화 기준환율 11년만에 달러당 7위안 돌파
China's basic exchange rate has weakened to seven yuan per dollar for the first time in 11 years.
The People's Bank of China, announced on Thursday it set the yuan at seven-point-zero-zero-three-nine to the dollar, Point-zero six percent weaker than the previous day's six-point-nine-nine-nine-six.
The last time it took more than 7 yuan to buy a dollar was in May 2008, as the world was slipping into a financial crisis.
A weaker yuan is largely seen as the result of the escalating trade spat between the U.S and China as well as concerns over the slowing growth of the Chinese economy.
China's basic exchange rate has weakened to seven yuan per dollar for the first time in 11 years.
The People's Bank of China, announced on Thursday it set the yuan at seven-point-zero-zero-three-nine to the dollar, Point-zero six percent weaker than the previous day's six-point-nine-nine-nine-six.
The last time it took more than 7 yuan to buy a dollar was in May 2008, as the world was slipping into a financial crisis.
A weaker yuan is largely seen as the result of the escalating trade spat between the U.S and China as well as concerns over the slowing growth of the Chinese economy.