Yuan-dollar rate weakened to 6.9

Almaty. November 24. Silkroadnews – On Thursday Chinese yuan continued its weakening and crossed the mark of 6.9 yuan per $1, “People’s Daily” reported.

“The central parity rate of the Chinese currency deсlined by 181 basis points down to 6.9085 yuan per dollar, as confirmed by China’s Foreign Exchange Transaction Center. The last time yuan-dollar rate weakened below the mark of 6.9 was recorded 8 years ago, on June 16, 2008”, the publication informs.

Analysts relate the decline to the US dollar strengthening amid the growing expectations on the Fed raising the interest rates and optimistic reports on the US economy released last night.

In the short term yuan faces devaluation pressure, however in the long term the situation in the Chinese economy will not allow further weakening of the Chinese currency, economist, former adviser to the central bank, Yu Yongding has noted.