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Beijing, July 12 (PL) The central price of the yuan, the Chinese currency, continued its downward trend today and was one of the lowest against the US dollar these last weeks.
Yesterday the change was 6.6234 yuan for every dollar and at the beginning of the week was 6.6393
The sharp drop comes a day after the US announced a new tariff increase on Chinese imports .
Such actions, plus the economic recovery of the Nordic country and the increase last month in interest rates of its Federal Reserve are some of the factors that influence the weakness of the Chinese currency.
However, the Central Bank of this country assured Tuesday that it has the capacity, experience and tools to keep the yuan to the dollar at a reasonable level.
According to Yi Gang, governor of Banco Popular, money market fluctuations are also due to external uncertainties and cyclical behavior. However, he said, the Asian nation has accumulated experience and standards that allow it to manage and control financial risks, its international balance of payments is stable and the cross-border flight of capital [19659007]. The Chinese economy is moving towards a high-quality development phase and the country is managing currency fluctuations through a cautious and neutral policy.
Macro-level regulations will be firmly enforced to ensure a reasonable and balanced parity rate. added
tgj / ymr
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