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Yuan depreciated as the trade war looms
 Weaker Yuan means that the Chinese goods will become cheaper accordingly. 12.Jul.18 10:29 AM By Shawn Highstraw Photo INNOV.RU |
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China’s currency, the Yuan, has experienced the largest one-day fall during the last one and a half years. It was happened as worries about the tariff war begun to mount. Stocks reacted first and the currency has followed them. Yuan rate is now below 6.7 for one USD. It constitutes 0.7 percent depreciation in one trade session. Yuan is semi-regulated currency. People's Bank of China (PBOC) set its official daily rate at 6.6726 per dollar. It is weakest rate since August 17 2017. Weaker Yuan means that the Chinese goods will become cheaper accordingly. A weaker Yuan could offset some of the negative impact from trade war. It is widely believed that Chinese potential for maintaining domestic prices while lowering the Yuan is wast. | |
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