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Meanwhile, the Chinese yuan — which many think is the biggest threat to the dollar — accounted for just 2.37% of reserves in the same period, with a high proportion of that being held by ...
'American yuan') in Chinese, and the euro is called Ouyuan (simplified Chinese: 欧元; traditional Chinese: 歐元; pinyin: Ōuyuán; lit. 'European yuan'). When used in English in the context of the modern foreign exchange market, the Chinese yuan (CNY) refers to the renminbi (RMB), which is the official currency used in mainland China.
The People's Bank of China lowered the renminbi's daily fix to the US dollar by 1.9 per cent to ¥6.2298 on 11 August 2015. The People's Bank of China again lowered the renminbi's daily fix to the US dollar from ¥6.620 to ¥6.6375 after Brexit on 27 June 2016. It had not been this low since December 2010.
This is seen as a move to a more fully free-market floating of the Renminbi. The Renminbi has appreciated 22 percent since the mechanism reform in 2005 of the Yuan exchange rate. [9] However, during the onset of the 2007-2008 global financial crisis, the renminbi was unofficially repegged to the US dollar. It was again depegged from the dollar ...
(News-Press NOW) The Indonesian Attorney General’s Office arrests three executives of state-owned oil and gas company Pertamina on charges of corruption and fraud regarding gasoline quality that cost the government more than $11 billion USD. (The Straits Times) (The Jakarta Globe) Politics and elections. Second presidency of Donald Trump
A post shared on Facebook claims China raised tariffs on the United States by 75%. Verdict: Misleading The tariffs are 10-15%, not 75%. Fact Check: The U.S. announced it would place 10% tariffs on ...
In August there was speculation about the causes of the devaluation of the yuan and the changes in the Chinese economy in 2015, including the "growth in its services sector rather than heavy industry". [13] By mid-January 2016, an article in The Economist argued that the strains on the yuan indicated a problem with China's politics. [24]
This week, Chinese authorities across the board intensified efforts to boost growth, but those attempts may not be enough to fix the ailing economy. Beijing is trying hard to ward off a slowdown ...