Today's yuan exchange rate
According to Lao Dong, on March 26, the yuan (CNY) depreciated and hit a two-week low against the US dollar (USD), due to concerns about economic growth prospects and the impact of external factors.
The latest updated exchange rate of the yuan against the US Dollar (USD/CNY) is currently fluctuating around 7,2631 USD/CNY; meaning 1 USD can be exchanged for about 7,2631 yuan.
Domestically, the CNY exchange rate against VND is currently fluctuating around 3,522 VND; meaning 1 USD can be exchanged for about 3,500 VND.
Concerns about China's growth are holding back the yuan
According to experts at BNP Paribas, China's economic growth could slow in the second quarter as the impact of current economic stimulus policies gradually weakens. To support the economy, the People's Bank of China (PBOC) has announced a plan to pump 450 billion yuan through a one-year medium-term lending program. This will help reduce financial pressure on domestic banks and support liquidity.
In related developments, the yield on the 10-year Chinese government bond fell slightly to 1.89%, while the yield on the same-term US bonds remained at 4.3%. The yuan's domestic 7-day repo interest rate is currently at 1.94%.
Although the yuan is under pressure, experts believe that the PBOC's measures can help stabilize the market in the coming time.
* Information on exchange rates is for reference only and may change from time to time.
Readers can refer to more articles on exchange rates HERE.
