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Chinese Yuan Falls To Its Lowest In Eight Years Against The US Dollar
A Chinese newspaper featuring a photo of US President-elect Donald Trump that reads ‘President Trump shakes America’, is partially covered by a 100 Yuan note on a news stand. (GREG BAKER/AFP/Getty Images)
The Chinese yuan fell to its lowest in eight years on Friday (25 November), trading for 6.9168 against the United States (US) dollar, said China's official Xinhua news agency.
The yuan's central parity rate fell for the third straight day on Friday by 83 basis points against the US dollar. This is part of the depressing fortnightly fall of the Yuan; over the past 15 days, the Yuan fell against the dollar on 14 days and rose only once.
Currency analysts say that the strong performance of the US dollar, which is expected to keep strengthening due to rising expectations of an interest rate hike in the US and the upbeat economic forecasts for that country, will continue to depreciate the yuan considerably in the weeks ahead.
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