Drop in Chinese Yuan’s Exchange Rate

On the 9th, the Foreign Exchange Trading Center under the People’s Bank of China set the benchmark exchange rate of the yuan per dollar at 7.1010 yuan, up 0.0004 yuan from the previous trading day. This means that the value of the yuan against the dollar has fallen by 0.01% compared to the previous trading day. An increase in the exchange rate means that the value of the yuan has fallen accordingly.

Also, on this day, the benchmark exchange rate of the yuan against the euro was set at 7.7876 yuan, the exchange rate against the yen (100 yen) was 4.9376 yuan, and the exchange rate against the British pound was 9.0643 yuan. The announced exchange rate of the yuan against the Korean won is 184.21 yuan.

Meanwhile, the dollar index which represents the value of the U.S. dollar closed at 102.29 in the New York foreign exchange market on the 8th (local time) down 0.15% from the previous trading day.

By. Ji Won Lee