The Chinese yuan went down today for the first time in 13 days on the speculation that China wouldn’t increase the pace of the yuan’s appreciation in the response to the US threats of the trade sanctions.
The House of Representatives voted yesterday in a favor of the measures that would let the US companies to petition for the duties on the Chinese imports to compensate for the effect of the weak yuan. The Chinese government claims that too fast appreciation of the yuan may cause the job losses and the social instability in China. Not everybody in the US itself happy with the propose bill, either, claiming that the politicians are attempting to make the scapegoat out of China and blame it for their own faults before the coming elections instead of creating more work places in the US, which can really help the US economy.
USD/CNY rose from 6.6884 to 6.6915 today as of 11:29 GMT.
If you have any questions, comments or opinions regarding the Chinese Yuan,
feel free to post them using the commentary form below.
Be First to Comment