Chinese renminbi drops against US dollar Concern over effects of spread of infection Feb. 3 12:45
Concerns over the possible effects of the spread of the new coronavirus on the Chinese economy have caused the Chinese currency to depreciate against the US dollar, rising to the high value of the yuan, which stands at US $ 1 = RMB7.
In the foreign exchange market in Shanghai on March 3, the yuan fell against the dollar, and in the morning the yuan reached 1 dollar = 7 yuan.
A dollar = RMB7 since last December 27.
The Central Bank of China, the People's Bank of China, announced a benchmark transaction price on the morning of the 3rd, and the benchmark value of the RMB against the dollar fell by 0.54% compared to before the Lunar New Year holiday, to 1 dollar = 6.9249 RMB This has also contributed to the depreciation of the yuan.
Market officials say, "The fall in the Shanghai stock market has also affected foreign exchange rates. However, the People's Bank of China does not seem to want a sharp appreciation of the dollar, and the yuan will become even cheaper in the future. Is hard to imagine. "