Yuan rebounds to 8-plus per USD – Xinhua

From Xinhuanet (link)

China’s official exchange rate weakened significantly on Tuesday, the central bank announced, defying a gain the day before that helped break through the psychologically important 8 yuan per U.S. dollar level.

The dollar, measured by the central parity rate announced by the People’s Bank of China before the market opens each business day, bounced back to 8.0150 yuan. The yuan depreciated by 168 basis points, the biggest day-on-day decline since a revaluation reform last July.

In an interview with Xinhua, finance expert Tan Yaling with Bank of China said, “There will definitely be a return following speculative activities in the market. Essentially, the (currency) price ups and downs are very natural.”

CDT EBOOKS

Subscribe to CDT

SUPPORT CDT

Browsers Unbounded by Lantern

Now, you can combat internet censorship in a new way: by toggling the switch below while browsing China Digital Times, you can provide a secure "bridge" for people who want to freely access information. This open-source project is powered by Lantern, know more about this project.

Google Ads 1

Giving Assistant

Google Ads 2

Anti-censorship Tools

Life Without Walls

Click on the image to download Firefly for circumvention

Open popup
X

Welcome back!

CDT is a non-profit media site, and we need your support. Your contribution will help us provide more translations, breaking news, and other content you love.