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

The yuan has fallen 4.6% this month to 6.63 yuan per dollar in the biggest percentage fall since the currency was released from its peg to the greenback in 2005


Chinese yuan
Prior to market opening, the People's Bank of China set the mid-point rate at 6.6899 per dollar, 567 pips or 0.85% weaker than the previous fix 6.6332, the weakest since November 3, 2020. Photo: Reuters.

 

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

 

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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.

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