Caixin
Sep 30, 2022 07:49 PM
BUSINESS

The U.S. Dollar Juggernaut Is Undermining China’s Exports and Imports

A Cosco freighter sails near Qingdao, East China’s Shandong province, on Aug. 23. Photo: VCG
A Cosco freighter sails near Qingdao, East China’s Shandong province, on Aug. 23. Photo: VCG

A strengthening U.S. dollar is piling pressure on both China’s exports and imports amid weakening overseas demand and higher currency exchange costs, industry insiders said.

The onshore yuan is on track for a seventh straight month of losses against dollar as U.S. Federal Reserve has raised interest rates several times to curb inflation, pushing up the value of the greenback.

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