The yuan's plunge against the rival dollar underscores fears that China's floundering economy will weigh on global growth
, fueling worries that a slowdown in the world's second-largest economy will drag on global growth.
The renminbi fell as much as 0.6% Monday to just under 7.22 yuan per dollar, trading at a seven-month low versus the greenback.the Federal Reserve paused its interest-rate hiking campaign last week, which would typically be expected to weigh on the latter currency by denting its appeal to foreign investors seeking higher yields.
The renminbi's fall has coincided with increased worries about the health of China's economy after Beijing ended its hardline zero-COVID restrictions late last year, with industrial production slowing and import and export levels tumbling in 2023. That's reignited fears about a wider slowdown in global growth, due to China's role as a major player in international trade and massive source of demand for goods and services.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
TikTok acknowledges that some Americans' data are stored in China.TikTok confirmed to Congress that it stores some data from Americans in China, contradicting prior statements made by the company's leadership under oath.
Les mer »
China muted in response to chaotic developments in RussiaChina’s reaction was muted through the weekend to the internal crisis facing Russian President Vladimir Putin, following a brief rebellion by Wagner Group mercenaries.
Les mer »
Russia, China pledge to strengthen ties after fizzled rebellion against KremlinChina and Russia pledged to strengthen cooperation on Sunday, a day after a brief rebellion by a Russian mercenary commander against the Kremlin fizzled out.
Les mer »
Blinken defends Biden’s off-the-cuff jab calling China leader Xi a dictatorSecretary of State Antony Blinken stood by President Biden’s off-the-cuff jab calling Chinese leader Xi Jinping a dictator.
Les mer »
WSJ News Exclusive | Taiwan Elections a Big Topic During Blinken’s Talks in ChinaBeijing tried to size up Washington’s interest in the coming race in self-ruled Taiwan, with Chinese officials sharing their concerns over the presidential candidate of the incumbent Democratic Progressive Party.
Les mer »
Blinken backs Biden after he called China's Xi a dictator“The president always speaks candidly, he speaks directly. He speaks clearly, and he speaks for all of us,” he said.
Les mer »