The people’s Bank of China for the second consecutive day strengthens the yuan to the dollar

Народный банк Китая второй день подряд укрепляет курс юаня к доллару

The people’s Bank of China (Central Bank) on Tuesday the second day in a row has strengthened the yuan against the dollar by 0.22% after the Chinese currency in mid-November, updated at least since 2008, according to the regulator.

On Tuesday, the Chinese Central Bank set the average exchange rate of the yuan to the dollar at around 6,8889, which is 153 points below the fixing on Monday, when the rate was 6,9042. On Monday, the Central Bank has strengthened the yuan to the dollar by 0.18%.

From mid-November the exchange rate of the yuan to the dollar was several times renewed historic lows since 2008.

The Chinese currency is long enough remained stable at around 8.3 yuan per dollar until the summer of 2005 began to strengthen. In the autumn of 2008, the yuan around the year kept at the level of 6.8, and in September 2009 started to increase again. The peak occurred in January 2014 when 1 dollar was about 6 yuan.

In August 2015 the people’s Bank of China weakened sharply, the yuan to the dollar (from 3% from 6.20 to 6.40), a shock to world stock markets. Later, the Chinese Central Bank focused on the stabilization of the yuan. After this happened three more waves to the weakening of the Chinese currency: in the winter of 2015/2016 (to 6.55), in July 2016 (to 6.67), and the third began in October.

After the first wave the experts argued that the Central Bank deliberately devalue the yuan to stimulate exports. Premier Li Keqiang, Governor Zhou Xiaochuan and other officials denied these statements.

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