By 2013, the exchange rate reached 6.0 Yuan per USD, but a reverse trend began as the Chinese economy was losing competitiveness and global demand slowed down. Because of intense competition in global markets and between Chinese manufacturers, the profit margin for several export goods is very low (less than 5%), implying that an additional reevaluation of the Yuan has significant negative impacts on the competitiveness of the Chinese export-oriented economy. Average exchange rate in 2021: 6.4529 CNY. By 2008 the exchange rate stabilized at around 6.8 Yuan per USD. This is the US Dollar (USD) to Chinese Yuan (CNY) exchange rate history data page for the year of 2021, covering 365 days of USD CNY historical data. In 2005 facing pressures from the American government and rising commodities prices, such as petroleum, the Chinese government gradually revaluated its currency and introduced a managed floating exchange rate. The price paid for this export subsidy is substantial inflation within the Chinese economy as it confers higher prices for imported commodities such as food, minerals, and energy. These made Chinese goods cheap in American dollars, and exports increased significantly.
In the 1990s, the Yuan was systematically debased from roughly 3.7 Yuan per USD to 8.3 and left at that level for more than a decade. China has actively used monetary policy as a tool to promote its export-oriented growth strategy through the debasement of its currency, the Yuan. The exchange rate between the Yuan and the US dollar remains one of the most controversial monetary and trade issues in the global economy. Yuan Exchange Rate per USD 1981 2022 Monthly
0 kommentar(er)
