China's Yuan Appreciates to Three-Year High Against the Dollar

By That's, May 28, 2021

0 0

China’s currency has strengthened to its highest level against the US dollar since May 2018.

The appreciation over the past year has been attributed to the country’s economic rebound from the COVID-19 pandemic and foreign capital flows into the PRC.

On Friday, the yuan was around 6.36 against the dollar, a significant change from 7.1 a year ago.

Screengrab via

READ MORE: China's Yuan Appreciates to Two-Year High Against the US Dollar

Financial Times reported that the People’s Bank of China has delivered mixed message’s about the renminbi.

An editorial by a PBoC official published last Friday said China’s central bank should allow its currency to appreciate to combat rising commodity prices. The editorial was later deleted, as cited by FT

On Sunday, Liu Guoqiang, vice-governor of the PBoC, said he expects the exchange rate to be stable. He added that “the future trend of the renminbi exchange rate will continue to be determined by market supply and demand and changes in the international financial market,” in a very brief Q&A published on the bank’s website.

There’s speculation that the renminbi could reach 6.2 against the dollar, the strongest level since August 2015.

For those looking to move some money out of the Middle Kingdom (within legal limits, of course), now is as good of a time as any.

READ MORE: What You Need to Know About Moving Earned Income Out of China

[Cover image via Pixabay]

more news

For Love Not Money: The Best Guitarist You've Never Heard Of

For some, it's not all about fame, but doing what you love for those who love it.

With WeChat Money Frozen, Exasperated Expats Light Up Groups

WeChat frustrates foreigners nationwide with abrupt Wallet freezes.

This Chinese City Saves the Most Money

Chinese households are known to be big-time savers compared to the global average.

China's Yuan Appreciates to Two-Year High Against the US Dollar

It's been quite a rollercoaster for the yuan this year, which was 7.17 against the US dollar on May 27.

China's Central Bank to Launch Digital Yuan in This Region

China’s digital yuan will be rolled out for testing in South China’s Greater Bay Area.

Shenzhen-Themed Board Game Raises Money to Fight COVID-19

A group of Italian architects in Shenzhen have designed a Monopoly-inspired board game to help raise money for charity.

China Ready to Debut National Digital Currency

People’s Bank of China Deputy Director Mu Changchun has claimed that China’s digital currency is good to go.

0 User Comments

In Case You Missed It…

We're on WeChat!

Scan our QR Code at right or follow us at thatsonline for events, guides, giveaways and much more!

7 Days in China With

Weekly updates to your email inbox every Wednesday


Download previous issues

Never miss an issue of That's Magazines!

Visit the archives