China’s Yuan Heads For Biggest-Ever Monthly Drop – FT

The Chinese currency is set to close out April by recording its steepest monthly drop on record, the Financial Times reported.

The yuan has fallen 4.6% this month to 6.63 yuan per dollar as of Friday afternoon. That is the biggest percentage fall since the currency was released from its peg to the US dollar in 2005.

Read the full report: Financial Times

READ MORE:

China Expands Digital Yuan Pilot Scheme to More Cities

Brazil’s Central Bank Quadruples its Yuan Reserves

China, Saudis Aim For Petro-Yuan – Sylvain Saurel

George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.

You Might also Like

Investors Suspect Beijing Behind Controlled Yuan Decline

Asia Central Banks’ $30bn Forex Fight to Fend Off Dollar

Global Economy Showing Signs of De-Dollarisation, Says JPMorgan

BRICS Looking to Counter Sanctions With Alternative Currencies