China lowers yuan midpoint to weakest since 2008 global financial crisis
- 4 years ago
'환율전쟁' 벌어지나…中, 위안화 전격 절하
China's central bank has lowered its official yuan midpoint to the weakest it has been since the 2008 global financial crisis.
According to Reuters,... the People's Bank of China on Monday set the midpoint at around 7-point-1-2-0-9 yuan per U.S. dollar prior to the market open.
That's point-38 percent lower than the previous fix of 7-point-0-9-3-9.
It's also the weakest level in 12 years.
Beijing's move hints yet another showdown between the U.S. and China, as the bilateral relations between the two have deteriorated over COVID-19 and China's proposed new national security law for Hong Kong.
China's central bank has lowered its official yuan midpoint to the weakest it has been since the 2008 global financial crisis.
According to Reuters,... the People's Bank of China on Monday set the midpoint at around 7-point-1-2-0-9 yuan per U.S. dollar prior to the market open.
That's point-38 percent lower than the previous fix of 7-point-0-9-3-9.
It's also the weakest level in 12 years.
Beijing's move hints yet another showdown between the U.S. and China, as the bilateral relations between the two have deteriorated over COVID-19 and China's proposed new national security law for Hong Kong.