The Chinese yuan has fallen to an all-time low in offshore markets against the US dollar.
According to Bloomberg News on the 28th (local time), the yuan exchange rate rose to 7.2647 dollars per dollar in the offshore market, the highest since 2010 when regional and offshore exchange rates were separately counted.
Afterwards, the central bank of the UK, the Bank of England, announced a massive purchase of British government bonds, softening the strength of the dollar, and the appreciation of the yuan has slowed somewhat.
The yuan's internal market exchange rate also rose to 7.2521 yuan per dollar, the highest level since February 2008.
In the regional market, the yuan depreciated more than 4% against the dollar this month alone, and on an annualized basis, it is expected that it could record its first decline since 1994.
The yuan has depreciated 13% against the dollar so far this year, outpacing the average decline for emerging Asian currencies.
Although China is sticking to its monetary easing policy unlike other major countries, Bloomberg said the yuan has been depreciating sharply since last month due to signs of slowing growth due to the coronavirus lockdown and a slowdown in the real estate market, Bloomberg said.
(Photo = Getty Images Korea)