US shadows Chinese yuan in record-high price surge

    WORLD  29 September 2022 - 01:30

    China's 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 reports.

    China's 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.

    Meanwhile, on September 28, other major stock market indexes across Asia fell sharply.

    Japan's benchmark Nikkei index, Hong Kong's Hang Seng and the Kospi in South Korea were down by more than 2% in morning trade.

    China's central bank has been trying to slow the yuan's slide by making it more expensive to bet against the currency. The People's Bank of China (PBOC) also cut how much foreign currency banks have to hold.

    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.

    Also on September 28, the dollar reached a fresh 20-year high against a closely-watched group of leading global currencies.

    The yuan's 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.

    While the strong dollar has rattled world markets, it is unlikely to deter the Fed from continuing to raise rates.

    "The strong dollar is working for the US market," Dimitri Zabelin at the London School of Economics foreign policy think-tank said.

    "It will be a consideration but it will not weigh as heavy as domestic concern about inflation."

     

    Caliber.Az




Read also

ISW: Belarus blames Ukraine, NATO for growing number of provocations on Belarus-Ukraine border

02 December 2022 - 10:30

FIFA World Cup day 12 results, groups standings

02 December 2022 - 09:50

WB official: Ukraine's restoration needs over $349 billion

02 December 2022 - 10:51

Moldova urges Russia to withdraw troops from Transnistria

02 December 2022 - 10:38

US air defence systems may relocate from Middle East to Ukraine

02 December 2022 - 10:23

Pentagon to allocate Lockheed Martin $431 million for HIMARS production

02 December 2022 - 10:10
ADVERTS
Latest news

    Armenian Speaker to visit Russia for CSTO Parliamentary Assembly session

    02 December 2022 - 11:07

    Russia establishes "new cooperation format" with breakaway Georgian region

    02 December 2022 - 11:00

    WB official: Ukraine's restoration needs over $349 billion

    02 December 2022 - 10:51

    Türkiye will not allow existence, activities of any terrorist group in region: National Security Council

    02 December 2022 - 10:45

    Moldova urges Russia to withdraw troops from Transnistria

    02 December 2022 - 10:38

    ISW: Belarus blames Ukraine, NATO for growing number of provocations on Belarus-Ukraine border

    02 December 2022 - 10:30

    US air defence systems may relocate from Middle East to Ukraine

    02 December 2022 - 10:23

    US Senators introduce legislation to acknowledge Wagner Group as terrorist organisation

    02 December 2022 - 10:17

    Pentagon to allocate Lockheed Martin $431 million for HIMARS production

    02 December 2022 - 10:10

    US taking keen interest in dialogue between Baku and Yerevan

    Pursuing its goals

    02 December 2022 - 10:04

    FMs of Azerbaijan, Norway, Romania discuss regional, int'l situation

    PHOTO

    02 December 2022 - 09:58

    FIFA World Cup day 12 results, groups standings

    02 December 2022 - 09:50

    Politico: Azerbaijan grappled with reconstruction in one of world’s most densely mined areas

    02 December 2022 - 09:43

    Azerbaijani FM, EU foreign policy chief meet in Poland

    02 December 2022 - 09:35

    Azerbaijan interested in applying Serbian agricultural expertise in liberated lands

    02 December 2022 - 09:23

    FM: Sending so-called “needs assessment mission” to Armenia without consensus blatant violation of OSCE mandates

    02 December 2022 - 09:10

    Map reveals most dangerous places in world to visit in 2023

    PHOTO

    02 December 2022 - 09:00

    Saudi Arabia, Spain ink deal to build combat ships for Saudi Navy

    02 December 2022 - 08:34

    Russian peacekeepers continue distorting toponyms in Karabakh despite appeals by Azerbaijan

    02 December 2022 - 08:30

    Chargé d'Affaires of France in Azerbaijan summoned to Foreign Ministry

    02 December 2022 - 08:15

    Robots learning to brace themselves against walls to avoid falling

    VIDEO

    02 December 2022 - 08:05

    Prince William thanks "Hardy Bostonians" for braving the rain on first official outing in Boston

    PHOTO

    02 December 2022 - 07:33

    BAE Systems announces partners for Optionally Manned Fighting Vehicle design

    02 December 2022 - 07:03

    Drivers increasingly ditching Toyota, Honda gas cars in favor of EVs

    02 December 2022 - 06:31

    Twitter becomes stage for China protests despite ban by Beijing

    02 December 2022 - 06:04

    House votes to pass bill forcing rail labor deal to avoid strike

    02 December 2022 - 05:37

    Korean Air offers lie-flat seats for smaller A321neo planes

    02 December 2022 - 05:06

    CNN begins layoffs amid economic uncertainty, cost-cutting pressures from parent company

    02 December 2022 - 04:37

    Disney’s new neural network can change actor’s age with ease

    VIDEO

    02 December 2022 - 04:05

    New York, Singapore world’s most expensive cities right now

    PHOTO

    02 December 2022 - 03:36

    Buckingham Palace staff member resigns after exchange with black guest

    02 December 2022 - 03:04

    Elon Musk’s Neuralink shows brain implant prototype, robotic surgeon during recruiting event

    02 December 2022 - 02:32

    US appeals court rejects Biden’s bid to reinstate student debt plan

    02 December 2022 - 02:03

    China softens tone on COVID severity after protests

    02 December 2022 - 01:35

    Türkiye's future drone carriers

    02 December 2022 - 01:04

    Joe Biden shares picture of ice cream trip with Macron

    02 December 2022 - 00:33

    US official: TikTok poses "legitimate national security concerns"

    02 December 2022 - 00:02

    Ex-engineer files age discrimination complaint against SpaceX

    01 December 2022 - 23:34

    UN General Assembly votes in favor of commemorating Palestinian "Nakba"

    01 December 2022 - 23:02

    Azerbaijani artist’s sculptural rugs blur line between art, craft, optical illusion

    PHOTO

    01 December 2022 - 22:31

    Azerbaijan, Georgia initiate new "Great Game" with Europe

    01 December 2022 - 22:03

    US House Democrats elect Hakeem Jeffries as first Black party leader

    01 December 2022 - 21:32

    Pakistani banks showing interest in Azerbaijani market

    01 December 2022 - 21:00

    Journalist: Iranian people's curse drives national team out of 2022 World Cup

    01 December 2022 - 20:48

    Azerbaijani minister informs MEPs about Zangazur corridor

    01 December 2022 - 20:33

All news