Date
11 December 2017

RMB exchange rate drop ‘normal’, Xinhua says

The yuan’s fall against the US dollar in the last week or so is a normal fluctuation, Xinhua reported Wednesday, citing a spokesman from the State Administration of Foreign Exchange. The spot renminbi exchange rate against the greenback hit a near seven-month low at 6.124 on Feb. 25. Reasonable two-way fluctuations will help the balance of international payments and guard against financial risks, the spokesman said. There is only a low chance of sustained major capital outflow from China, as the country’s trade policy and sound economic growth will continue to attract long-term inflows, the report said.

– Contact HKEJ at [email protected]

KZ/AC/SK

 

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