Onshore yuan hits 2007 dollar low amid China slowdown fears: Report
Chinese yuan
On Thursday, the Beijing-controlled onshore yuan plunged to its lowest level against the dollar since 2007 as concerns over an impending economic slowdown were rekindled by falling Chinese exports.
After briefly reaching 7.3284 yuan, the lowest level since December 2007, the onshore yuan lost 0.13 per cent to 7.3279 yuan to the US dollar at around 09:25 GMT.
The offshore yuan, which is traded more freely than domestic currency outside of mainland China, decreased 0.19 percent to 7.3350 to the dollar.
Data released on Thursday indicated that China’s exports and imports fell once more in August, adding to the pressure on the government to adopt more stimulus measures for the world’s second-largest economy.
According to Lee Hardman, currency analyst at MUFG bank, “speculation has grown recently that domestic policymakers may eventually permit the renminbi (yuan) to devalue more significantly to help provide more support for growth from net trade.”
“However, their actions to support the renminbi suggest a gradual depreciation path is favoured as they remain wary of encouraging a sharp pick-up in capital outflows,” he continued.
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In July, prices dropped for the first time in more than two years, which kept customers from making purchases, causing imports to decline by 7.3 per cent on a year-over-year basis.
Additionally, China’s exports, which have historically been a major driver of its economic growth, fell by 8.8 per cent.
(With inputs from AFP News)
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