The Chinese yuan has had a bad run for a long time. But at no time has things got worse as it is right now.
China is world’s second largest economy but it has been suffering from the effects of covid lockdown for some time now.
Apart from that, investors have been moving money frantically out of China since the start of the year due to anticipation of covid lockdowns and the possibility that China may suffer from sanctions if it helps Russia against Ukraine.
The yuan yesterday was at a two-year low but it suddenly recovered a bit against the dollar.
Yuan has lost seven percent of its value against the dollar in the last three months.
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