Chinese Yuan Falls to Lowest Level in Almost 16 Years

The Chinese yuan has experienced a decrease in value against the US dollar, reaching its lowest point in nearly 16 years during Friday’s trading session.

Dollar Strengthens Against the Yuan

According to Bloomberg, the dollar saw a 0.24% increase, reaching 7.3472 yuan at 11:01 Moscow time.

Declining Exports in China

China recently released official data indicating an 8.8% year-on-year decrease in exports for August of last year, totaling a record $68.4 billion. This marks the fourth consecutive month of decline, following a 14.5% decrease in July.

Source: RT+Bloomberg