On the international market, the value of the Chinese yuan has reached an all-time low in comparison to the value of the dollar.
At the current exchange rate, one US dollar can be purchased for 7.24 Yuan. Since the beginning of China’s economic crisis in 2008, this marks the first time that the value of the yuan has declined.
According to the statistics, the typical value of one US dollar in Chinese currency at the end of the previous year was 6.45 yuan.
As a result of the devaluation of the yuan, the People’s Bank of China has lowered the amount of foreign money that must be kept in its institutions. In addition, the central bank has implemented a number of preventative steps in order to stop the further devaluation of the yuan.
As a result of the United States increasing interest rates in order to combat rising inflation, the value of the dollar is increasing throughout worldwide markets. The value of the currency used in several of the world’s most influential countries has been seeing a considerable decline. Just two days ago, the value of the British pound reached a new all-time low in the course of its whole history.
When compared to the dollar, the value of the Malaysian ringgit has likewise reached a new all-time low. In addition, the value of the euro and the Indian rupee has dropped significantly so far this year.