ISTANBUL – The Chinese yuan on Thursday hit its lowest value against the US dollar in 16 years, reported Anadolu.
It is reflecting a rising sense of pessimism concerning China’s economic conditions and financial markets, according to Bloomberg.
The yuan slipped 0.2 per cent to 7.3294 per greenback in both onshore and offshore markets, although the People’s Bank of China set a stronger-than-expected daily reference rate for the 54th consecutive day, the longest streak since 2018.
A decrease in both consumer and producer inflation in July raised concerns about deflation risk in the country last month.
China’s exports fell 8.8 per cent year-on-year to US$68.4 billion in August due to lower global demand for Chinese goods, according to official data released on Thursday.
It was the fourth straight month of decline after a 14.5 per cent drop posted in July, data from China’s General Administration of Customs showed.
Mainland China’s imports fell 7.3 per cent from a year ago to US$216.5 billion in August.
Its trade surplus amounted to a three-month low of US$68.4 billion in the month, as exports decreased more than imports.- Bernama
