Chinese yuan hits record low against USD

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By  India Blooms News Service   Sep 28, 2022

Beijing: Chinas yuan has hit fresh record lows against the surging US dollar.

The internationally-traded yuan fell to its lowest level since data first became available in 2011, BBC reported on Wednesday.

Chinas domestic currency also reached its weakest point since the 2008 global financial crisis.

It comes as the dollar continues to rise in value against other major currencies after the US central bank raised interest rates again earlier this month.

Chinas central bank has been trying to slow the yuans slide by making it more expensive to bet against the currency.

The Peoples Bank of China (PBOC) also cut the amount of foreign currency banks have to hold, the BBC said.

Many investors see the dollar as a safe place to put their money in times of trouble.

That has helped to drive up its value against other currencies, including the British pound -- which hit an all-time low against the dollar on Monday.

The yuans slide is yet another example of a currency weakening as a result of the strong dollar.

It is also about the very different paths China and the United States are taking in response to economic issues at home.

Washington has in the past accused China of intentionally devaluing its currency to keep exports cheap and imports from the US expensive.