The Central Bank of China lowered the Renminbi up to an eight-year low

The people’s Bank of China (the Central Bank) lowered on Friday the national currency Renminbi (the official name of the yuan) to the us dollar by 83 basis points. This writes TASS.

Thus, the rate of national currency of the PRC is set to a new level 6,9168 yuan per dollar. This new minimum value for the last 8.5 years.

«The current decline won’t last long,» — says the chief economist of Bank of communications Lian Ping.

The growth of the oscillation amplitude of the yuan to the dollar began after the launch of the PRC government’s reform of the formation mechanism of the RMB exchange rate against the dollar.

In August 2015, the Chinese Central Bank announced the decision «to optimize the method of calculation of» exchange rate in favor of increasing the role of market factors with a positive balance in foreign trade of China and the strong position of the RMB relative to the currencies of other countries.

Fluctuations in the exchange rate relative to the official parity rate set by the regulator shall not exceed 2%.

Note, in 2016, the yuan became the reserve currency of the IMF.




The Central Bank of China lowered the Renminbi up to an eight-year low 25.11.2016

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Ноябрь 25th, 2016 by
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