The price of the day registered more than seven yuan for one dollar. It should be noted that these data had not been achieved for nine years. The measure takes place only four days after the latest threats of US sanctions against Chinese products.
The value of the yuan in the parallel market was 7.1114 for one dollar. This represents its lowest level since 2010.
The currency is not fully convertible and the Chinese Central Bank establishes a reference exchange rate every day, which on Monday was 6.9225 for one dollar; after having fallen by 0.33% since last Friday.
However, the markets pressured to reduce the value of the Chinese currency, which fell to to 7.0536 for one dollar, its lowest level since 2008. The Chinese Central Bank said in a statement to have “the experience, confidence and ability to maintain the yuan exchange rate at a reasonable and balanced level.”
For his part, Donald Trump has repeatedly accused Beijing of artificially devaluing its currency to favor its exports. But the Federal Reserve, after investigations, has given up accusing China of manipulating its currency.
L. Saenz
Source: Banca & Negocios
