In 2017 RMB exchange rate against US dollar can fall to 7.5 per $1

Almaty. December 23. Silkroadnews – In 2017 the rate of China’s national currency renminbi (the official name of the yuan) against the US dollar is expected to fluctuate within the range of 7 to 7.5 yuan per $1, newspaper “Huanqiu Shibao” writes on Friday, with this some experts predict a more moderate range 7,1-7,15.

“This year yuan’s depreciation against the dollar was significant”, professor of Shanghai University of Finance and Economics says.

“Yuan’s fall against the dollar is largely dependent on the amount of capital withdrawn from the country”, director of Centre for the Study of International Finance of the Shanghai Academy of Social Sciences Zhou Yu believes.

“At the beginning of 2016 there appeared a trend for a growth in the outflow of capital, which led to a sharp decline in the exchange rate”, he said and added that with reduction of foreign exchange reserves the government will start reducing its influence on renminbi support against the dollar, giving rein to the market.

Next year yuan’s exchange rate against dollar is expected to fluctuate in the range of 7-7.5 renminbi to the dollar, Zhou Yu said.