The value of the Chinese yuan against the US dollar has dropped.
The value of the Chinese yuan against the US dollar reached its lowest level in the past four months on Friday, prompting state banks to intervene to defend the national currency.
In the domestic cash market, the yuan fell below the key psychological level of 7.2 against the dollar and hit its lowest level since November 17, 2023, at 7.24.
The yuan has decreased by over 2% in the past three months, with pressure on the yuan stemming from increasing market expectations for further easing of monetary policies to support the world’s second-largest economy and also the weakening of the Japanese yen.
