The value of China’s currency, the renminbi, continued to slide against the United States dollar on Friday, rattling investors by falling to its lowest level in nearly a year.
With a drop of 0.3 percent, the renminbi hit 6.145 to the dollar in Friday trading, helping reverse a long running trend of gradual, incremental appreciation against the dollar and other major currencies during the last eight years. The intraday drop of almost 1 percent Friday was the biggest in years.
Analysts believe China’s central bank is intervening in the currency markets, intentionally engineering a slide in the value of the Chinese currency to punish speculators and prevent huge capital flows, or so-called hot money, from entering the country.
Read Full Article HERE
bljworldwide via CHINA US Focus http://ift.tt/1pF83zc
No comments:
Post a Comment