Chinese yuan reaches highest level since beginning of 2020

The People's Bank of China today raised the yuan's exchange rate against the US dollar by 12 percentage points to 6.8891, the highest level since January 23, Report says, referring to foreign media.

In the first half of the year, it decreased sharply to 7.1316, the lowest level after February 2008. Then, the yuan has begun to appreciate against the dollar.

According to Xinhua, the increasing of the Chinese currency is due to the recovery of the country's economy and the depreciation of the dollar. However, its exchange rate has changed in both directions.

In 2019, due to China-US economic war, the yuan gradually lessened against the dollar, and on August 8, 1 USD exceeded the psychological level of 7 CNY, the lowest level in 11 years. However, as the first phase of the trade agreement approached, it rose at the end of the year. Overall, Chinese yuan fell by about 1.9% in 2019.