WORST YEAR OF YUAN, SINCE 1994


30/12/2016




Ilknur Şebnem Öztemel – TDO–Chinese Yuan strengthened against  dollar last Friday but  in total, it has made its biggest annual loss since 1994. This would make it worst performing Asian currency in 2016. Yuan reached an 8-1/2 year low, was on course to shed nearly 7 percent against the dollar in 2016.

Many professionals expect Yuan to be recoiled if Donald Trump’s policies are successful to achieve more economic growth and interest rates would increase.

Officers of UK-based Fathom Consulting declared if globalization is thrown into reverse in 2017, Chinese advantage in exports become less useful. They said  policymakers had little option but to quicken the pace at which they allow Yuan to appreciate.

On Friday, the People's Bank of China set the Yuan's midpoint rate for the day's trading CNY=PBOC at 6.9370 per dollar.


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