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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 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.
The Chinese yuan is rebounding on Thursday as reports suggest that the central bank will unleash additional stimulus to contain the Wuhan coronavirus’ impact on the world’s second-largest economy. While the death toll and number of confirmed cases have risen in China, global financial markets believe that the outbreak is waning. These reports come as Beijing is set to cut tariffs on US goods and report crucial trade data on Friday.
The Chinese yuan is crashing to kick off the trading week, cratering against all major currency rivals. The yuan is taking a beating after the leading stock indexes plunged due to the Wuhan coronavirus intensifying in China. The death toll reached 361 and the total number of people infected with the virus surged to 17,328. Will the world’s second-largest economy be able to recover? The authorities are responding to the outbreak with monetary and fiscal tools.
The Chinese yuan is plunging to its lowest level of 2020 as the Wuhan coronavirus outbreak intensifies. Despite the world’s second-largest economy showing signs of a rebound, the consensus is that China will reverse its gains and struggle to stay afloat, especially if some reports that the virus will intensify in April and May are correct.
The Chinese yuan is trading relatively flat against a myriad of currency rivals midweek as the nation’s virus outbreak has triggered economic growth concerns. After last week’s better-than-expected gross domestic product (GDP) figures and the International Monetary Fund (IMF)’s optimistic forecast, the spread of the Wuhan coronavirus could throw a wrench into the country’s plans to rebound from its slump.
The Chinese yuan is strengthening against most major currency rivals to close out the trading week, driven by a better-than-expected reading of the world’s second-largest economy in the fourth quarter. But the various economic reports on Friday highlighted across-the-board improvements, which could signal that Beijing may be on track for a rebound in 2020, especially with the US and China declaring a trade truce.
The Chinese yuan is falling against several major currency competitors on Tuesday, despite positive trade data that suggest the US-China trade dispute winding down is proving already to be bullish for Beijing. The December numbers are beginning to roll in, and so far, it is good news for the world’s second-largest economy.
The Chinese yuan is mixed on Thursday as the central bank announced that it is cutting amounts of deposits that commercial institutions are mandated to hold as reserves. This comes soon after new data found the nation’s manufacturing activity remained in expansionary territory, which is positive news for a nation that is trying to achieve better growth than what it has recorded over the last two years.
The Chinese yuan is gaining on some of its major currency rivals to finish 2019, but the currency will still end the year lower. The yuan suffered some steep losses throughout the year, though it has rebounded in recent months because the trade dispute with the US is subsiding and slightly better economic data. The yuan’s performance in 2020 will be closely watched by observers as it might impact American negotiations […]
The Chinese yuan is mixed at the end of the trading week as final data of 2019 and outlook for 2020 drive the currency’s trading performance. With industrial profits rebounding in November, analysts are holding out hope that next year could be an improvement now that there is some certainty on the trade file.
