The People's Bank of China (central Bank) on Monday strengthened the renminbi (the official name of the Chinese currency) by 124 basis points, to 6.3222 yuan per dollar.This is reported in a document on the official website of the regulator.
According to the statistics of the People's Bank, this is the maximum value of the exchange rate since April 25, 2018.
In 2020, against the background of the pandemic, the yuan exchange rate has been declining against the dollar for several months. On May 29, 2020, the regulator lowered the exchange rate of the national currency to the minimum since February 2008 of 7.1316 yuan per dollar. However, after that, the yuan began to gradually strengthen against the US currency.
