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Main » 2016 » January » 11 » The People's Bank of China raised the yuan against the dollar
12:53
The People's Bank of China raised the yuan against the dollar
 
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On Monday - the second consecutive trading session - the Chinese authorities to revalue the yuan, trying to reassure worried investors. However, the country's stock market continued to decline.

 

 

The depreciation of the currency by 1.5 percent since the beginning of 2016, after falling by 4.7 percent in 2015, has caused some commercial competitors fear that currency devaluation aimed at promoting exports.


Stable exchange rate of the yuan may help alleviate these concerns, but it failed to stop the sale of Chinese stocks.


China's central bank set the exchange rate close to the mark of 6.5626 RMB to the US dollar. Analysts had expected a rate close to the level of 6.5860 yuan.


On Monday morning, the RMB exchange rate rose to 6.5847, while the offshore renminbi rose sharply to 6.6614 per dollar, narrowing the spread between the rate to 1.2 percent.

 

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