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Chinese Yuan CNY
Central Bank: People's Bank of China
Interest Rate: 4.35%
Public Debt to GDP Ratio, 2017: 18.6%
Trade Balance, 2018: $10.7 bln.
Inflation, 2018: 2.1%
Major industrial exporter
strong
Currency strengthening is opposed by the government
strong
The Chinese yuan is the commonly used name for the currency of the People’s Republic of China. Officially, the modern Chinese currency is called the Renminbi, while the yuan is the primary unit of that currency. The currency is used in China, but not in Hong Kong and Macau. The first renminbi banknotes were introduced in December 1948. The yuan was pegged to the US dollar through the most part of its history, though since 2005 China allowed it to float in a narrow corridor and intends to widen the free-float range over time as a part of the transition from central planning to a free market economy. The usage of the yuan in international trade is limited by severe regulations that forbid the currency to be used in transactions with foreign entities. China showed willingness to ease these regulations as it strives to make the yuan new reserve currency. China made agreements with Russia, Vietnam, and Thailand that allow trade with those countries to be settled directly in renminbi.
The Chinese yuan is weakening against most major currency rivals midweek as reports suggest that the People’s Bank of China (PBoC) is considering a reduction in interest rates that financial institutions are required to pay depositors. Analysts are still bearish on the world’s second-largest economy, warning of double-digit economic contraction in the first quarter of 2020. Will the central bank implement more monetary stimulus measures?
The Chinese yuan is slumping against multiple currencies to kick off the trading week, driven by a crash in key economic metrics. With a myriad of January-to-February reports coming in, global financial markets are gaining insight into just how much the coronavirus damaged the world’s second-largest economy. Despite Beijing in the beginning stages of rebooting its economy, it is unclear how long it will take for China to return to full […]
The Chinese yuan is rebounding at the end of the trading week, buoyed by the central bank’s recent stimulus measures to stimulate the world’s second-largest economy as the country tries to return to normal. The yuan had breached the crucial 7 mark against the US dollar this week, but the currency might recover amid encouraging economic progress.
The Chinese yuan is rising against the US dollar and is mixed against other currency rivals, midweek as global financial markets brace for China’s reboot. With the death toll and the number of confirmed cases subsiding, Beijing is preparing to gradually return to normal. But just how bad was the coronavirus for the Chinese economy? The consensus is simple: expect the worst and hope for the best.
The Chinese yuan is hitting the pause button on its recent acceleration against several major currency rivals midweek as many economic reports portray a grim picture of the world’s second-largest economy. All the data came in worse than what the market had forecast, and with the coronavirus still lingering, experts warn there might be plenty more bearish news in the coming months.
The Chinese yuan is sliding against most major currencies to kick off the trading week as the latest economic data highlighted just how damaging the fallout of the coronavirus has been to Beijing. It may be some time until China fully recovers from Covid-19, especially with hundreds of new cases being reported. Plus, the outbreak appears to have spread worldwide, causing consternation about global supply chains and the near-term […]
The Chinese yuan is mixed against multiple currency competitors midweek as global financial markets contend with the coronavirus that appears to be worsening worldwide. Despite the potentially damaging economic fallout, some Wall Street titans anticipate Beijing will recover in the second quarter, which might happen as the country employs various fiscal and monetary stimulus measures.
The Chinese yuan has tumbled past the crucial 7 mark against the US dollar again as the central bank injected additional stimulus to contain the economic fallout from the coronavirus. This is the second time in less than a year that the yuan has fallen to this level, and many experts anticipate further weakening of the currency until Covid-19 has been subsided.
The Chinese yuan is strengthening against the major currency rivals to kick off the trading week, buoyed by investors’ hopes that Beijing will launch additional fiscal and monetary stimulus to protect the economy from the Wuhan coronavirus fallout. Over the last two weeks, policymakers have unveiled economic measures to limit the damage from Covid-19, and financial markets have been ebullient over the announcements.
The Chinese yuan is mixed midweek as traders are waiting to see how the federal government reacts to the economic fallout from the Wuhan coronavirus, which was recently named Covid-19 by the World Health Organization (WHO). The central bank has responded and Beijing has unleashed several stimulus measures, but disappointing 2019 fiscal numbers might limit what the federal government can do.
