May 31, 2023, 10:40 am EDT
Troubles for China Yuan
While the Chinese Yuan or its Renminbi currency keeps weakening to the lowest level 7.10 against the US dollar (USD/CYN), it looks as if the troubles cannot be hidden anymore.
Housing markets, job markets, manufacturing, consumer spending, and exporting all face major difficulties in 2023. In the meantime, China Communist Party also threatens nearby nations like Japan, Taiwan, Philippines through military actions. Furthermore, China decided to take hardline steps against the major developed country that pushed G7 Hiroshima summit to form strong allies.
In addition, China’s bias tilted toward Russia rather than Ukraine made people worry about its ambition to expand its power through the war. China Central Asia summit is an example of its intention.
The falling of the currency hints at its internal troubles of out-of-control difficulties. It could also bring a ripple effect on the global economy and stability in terms of the economy and military.
