China's Yuan at 6.8 Level for the First Time in 7 Months
People's Bank of China Announces Exchange Rate of 6.8903 Yuan per Dollar as of 27th
China Lowers Monetary Policy Intensity After Economic Rebound
[Asia Economy Beijing=Special Correspondent Jo Young-shin] The Chinese yuan strengthened against the dollar, dropping to the 6.8 yuan range.
On the 27th, the People's Bank of China set the yuan's reference exchange rate at 6.8903 yuan per dollar, down 0.0176 yuan (0.25%) from the previous day.
This is the first time in seven months since January 23 that the reference exchange rate has fallen to the 6.8 yuan per dollar level.
The yuan exchange rate has been showing a strengthening trend since May 29 (7.1316 yuan per dollar), gradually declining.
On the 27th, in the Hong Kong offshore market, the yuan exchange rate against the dollar fell to as low as 6.8710 yuan during the session.
Market analysts suggest that China's relatively rapid economic recovery compared to major countries worldwide after the COVID-19 pandemic and the differentiation in monetary policies between the U.S. and China are factors driving the yuan's strength.
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China's economic growth rate rebounded to positive in the second quarter, and the central bank has gradually eased the intensity of its monetary policy by keeping the benchmark LPR (Loan Prime Rate) unchanged for four consecutive months.
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