US-dollar rate hits 7-year high in China

Baku. 14 November. REPORT.AZ/ Average rate of the US-dollar in Chinese cash market reached a maximum of the last 7 years6,845 CNY/USD, . Analytical Group of Report informs, this is the highest figure recorded since March 2, 2009.

Notably, Since June 2008 to June 2010, the exchange rate fluctuated between 6,81-6,89 CNY/USD. Analytical Group believes, dollar exchange rate after exceeding 6.90 CNY/USD will cause an increase of dollar up to 8.30 yuan. Notably, CNY/USD rate decreased from 8,30 to 6,90 in 2003-2008 years.

"The reasons for strengthening of the US dollar in China are gradual slowdown of the pace of economic growth in this country, high probability of an increase in the interest rate in the US, statement by newly-elected president of the US Donald Trump on imposing additional tariffs on Chinese imports and other factors.

By the end of the year, CNY/USD exchange rate can reach 7.00 and probably 7.50 in 2017", said analysts.