China’s national currency on September 7 hit its lowest point against the US dollar in the past 16 years.
On Thursday, September 7, the yuan fell to its lowest level against the US dollar since 2007. This was reported by the Financial Times.
It is noted that the pressure on the yuan is exerted by weak statistics in the Chinese economy, as well as the crisis in the real estate market.
The dollar stood at 7.3276 yuan on the day compared to 7.3170 yuan at the close of the previous session. During the auction, the rate rose to 7.3284 yuan per dollar.
Overall, since the beginning of 2023, the Chinese currency has fallen in price against the dollar by about 6%.
Articles published Thursday showed a decline in Chinese exports and imports, as well as a decline in the foreign trade surplus.
The volume of Chinese exports in August decreased by 8.8% in annual terms, imports – by 7.3%, the General Administration of Customs of China said in a statement.
China’s trade surplus fell to $68.36 billion last month from $78.65 billion in August 2022 and $80.6 billion in July this year.
Recall that in July, the Turkish lira updated historic lows against the dollar and the euro against the backdrop of the situation around the grain deal.
Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.