The Value of the Chinese Yuan Hits Lowest Level Since 2008 Financial Crisis... 7.3084 Yuan per Dollar
After the Launch of Xi Jinping's Third-Term Leadership, Selling Pressure in the Stock Market Shifts to the Foreign Exchange Market
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[Asia Economy Reporter Naju Seok] The Chinese yuan traded at 7.3084 yuan per dollar, the lowest level since December 2007. Foreign media reported on the 25th that the third-term leadership of Xi Jinping is composed entirely of hardliners, and the difficult economic situation appears to be spreading from the stock market to the foreign exchange market.
The yuan fell 0.6% compared to the previous day. Its current valuation is the lowest since the global financial crisis. Compared to exactly one year ago, the yuan has depreciated by 13 percentage points.
In the Hong Kong offshore market, the yuan exchange rate reached a record high of 7.3621 yuan per dollar.
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The stock market within China is also showing weakness. Selling pressure in the stock market has continued following the National Congress of the Communist Party of China. The market is concerned that the Chinese government will continue its ultra-hardline zero-COVID policy, emphasizing national security and implementing large-scale lockdowns.
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