According to the Chinese Deputy Minister of Finance, China has no reason for devaluation of the yuan, as fundamentals remain string and, the economy grew by 6.7% in the first of half of the year. Experts say that yuan is traded near five-year lows in recent years and, reflects investors’ concern about the state of the economy and the debt level. In China, the outflow of capital amounted to almost $700 billion and, raised fears that foreign exchange reserves would not be enough to stabilize the market in the long term. At the same time, the U.S. dollar has strengthened against most major currencies due to negative interest rate of investors in Japan and Europe.
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