China's Currency Dives As Stock Market Crashes
The Chinese stock market crashed again on Monday, causing the stock market to freeze trading for a day.
The yuan closed at 6.53684 against the dollar, as of January 4. The foreign exchange currency chart demonstrates the sharp dive the yuan has taken over the last week.
CNBC reports, “Starting Monday, trading hours for the yuan on the Shanghai based foreign exchange market will be extended. The extension allows trading in the Chinese foreign exchange market during European trading hours.”
This change was made in order to help support the IMF’s decision to add the yuan into the basket of global reserve currencies.
Which makes this the perfect time to load up on some yuan before heading over to China because you'll get the most value for your dollar. To stay in the loop with more forex trends sign up here.
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