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The yuan fell sharply on Friday, prompting Chinese state-owned banks to sell US dollars on the domestic currency market in a bid to stabilize the currency.
The Chinese currency, the yuan, fell last Friday to its lowest level against the US dollar since the 2008 global financial crisis, despite Beijing’s efforts to contain the fall. One dollar was worth 7.2494 yuan on Friday at the close of market in China – the lowest level for the Chinese currency since January 2008 – and down more than 15 percent from the peak reached last March.
The devaluation of the yuan is mainly driven by the rapid rise in interest rates in the United States, which leads investors to convert money into dollars in an attempt to obtain better returns.
Read more in Hoje Macau
