Yuan set at 8-month low on export concerns
By Feng Jianming |
August 17, 2012, Friday
|
Print Edition
Print Edition
CHINA'S central bank set the yuan at an eight-month low yesterday over the prospect of weak exports.
The People's Bank of China set the central parity rate of the yuan at 6.3495 against the US dollar, the least since November 29.
The Chinese currency has depreciated 0.8 percent this year, a rarity as the yuan has appreciated more than 30 percent since 2005.
Percy Chan, general manager of wealth management at Bank of East Asia (China), said that the weakness is due to capital flows to the greenback to avert risks, and a domestic economy confronted with double whammy of stagnant exports and lackluster internal demand.
China's trade outlook this year is worsening, darkened especially by growing problems in Europe, the Commerce Ministry said yesterday.
The ministry singled out problems in the European Union - China's biggest overseas market - as the core difficulty for exporters.
"Right now, the sharp drop of exports to EU countries is the biggest important factor weighing on China's export growth," ministry spokesman Shen Danyang said.
"With the European debt crisis spreading and the global economy recovering at a slower than expected pace, we expect China's trade situation in the second half will become more severe and we are facing more pressure to meet the annual target for trade growth," Shen said.
The People's Bank of China set the central parity rate of the yuan at 6.3495 against the US dollar, the least since November 29.
The Chinese currency has depreciated 0.8 percent this year, a rarity as the yuan has appreciated more than 30 percent since 2005.
Percy Chan, general manager of wealth management at Bank of East Asia (China), said that the weakness is due to capital flows to the greenback to avert risks, and a domestic economy confronted with double whammy of stagnant exports and lackluster internal demand.
China's trade outlook this year is worsening, darkened especially by growing problems in Europe, the Commerce Ministry said yesterday.
The ministry singled out problems in the European Union - China's biggest overseas market - as the core difficulty for exporters.
"Right now, the sharp drop of exports to EU countries is the biggest important factor weighing on China's export growth," ministry spokesman Shen Danyang said.
"With the European debt crisis spreading and the global economy recovering at a slower than expected pace, we expect China's trade situation in the second half will become more severe and we are facing more pressure to meet the annual target for trade growth," Shen said.
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