China Devalues YUAN in Controversial Curency Move
Posted by admin | 9 years ago | 2,535 times
China has urgently devalued its currency, the Yuan in the face of a slowing economy thereby jeopardizing its ambitions of having Yuan traded as a global reserve currency.
The Central Bank of China pushed the currency almost two percent lower on Tuesday, saying this was a one- off devaluation.
The decision is unlikely to go down well with US government, which has accused Beijing of manipulating its currency in the past to eke out on economic advantage for its exporters.
China’s move came after the country’s export fell 8.3 percent in July.
Also, the move by The People’s Bank of China to devalue the currency came as attempts to move away from an export- driven economy, have not delivered the desired growth.
Chinese President Xi Jinping’s efforts to open up the financial sector to competition have been undetermined in recent months.
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