Tuesday, January 2, 2018

China's Yuan Hits Four-Month High Against US Dollar

The US dollar is losing value rapidly against the Chinese yuan.

The Chinese currency registered a climb of around 6.8 percent against the greenback in 2017, the biggest gain in nine years.

Overnight, the People's Bank of China set the midpoint rate for the yuan at 6.5079 per dollar.

A weaker dollar (it is falling against most foreign currencies) will mean higher prices for goods imported into the United States.


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