Saturday, 21 November 2009
Wednesday, 18 November 2009
Since the onset of the global economic crisis, the Chinese yuan (CNY) has been re-pegged to the US dollar in an attempt by the Chinese government to reverse the collapse in exports. It had previously been allowed to rise against the US dollar from July 2005 onward. As a result, the yuan has been falling along with the US dollar against other major world currencies. After peaking at around 120 at the end of 2008 and the early months of 2009 it dropped to less than 112 by October 2009.