Caixin
May 06, 2022 06:18 PM
OPINION

Wang Tao: How Far Will China's Yuan Depreciate

The People’s Bank of China has tentatively signaled that it wants to slow the yuan depreciation momentum. Photo: VCG
The People’s Bank of China has tentatively signaled that it wants to slow the yuan depreciation momentum. Photo: VCG

The Chinese yuan depreciated sharply against the U.S. dollar in the past two weeks. After a few months of trading in a narrow range between 6.3 and 6.4, the yuan depreciated notably against the U.S. dollar since April 19. The recent quick depreciation came as the U.S. dollar continued to strengthen, with the U.S. Dollar Index (DXY) breaking 103 on April 29, and the Japanese yen breaching 130 against the dollar.

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