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RUBRIKAChina’s GDP (constant prices, annual) СВЕТ
Source: National Bureau of Statistics of the USA
el, banks were encouraged to lend even symbol, the Chinese yuan was meant
more money, and investing in infrastruc- to become a reserve currency by its
ture continued. ranking in the basket of currencies in
the Special Drawing Rights of the IMF,
Prime Minister‘s conviction that the along with the dollar, pound, euro and
economy will not enter the so-called yen. To make it possible, China was sup-
phase of „hard landing“ was increasingly posed to deregulate this segment of the
put into question. On the other hand, the monetary policy with strictly managed
way in which the Chinese leaders have floats of the value of the national cur-
decided to deal with the falling growth rency and allow free listing of the yuan.
rates, the large pressure from the gen-
eral debt, the stock market crash and the It can not be determined whether
sudden turn in conducting the exchange the poor exports in July 2015, which de-
rate policy is „instructive“ for the inves- creased by 8.3% annually, were the rea-
tors, of course in the hard way. son for the devaluation of the yuan, or
it was a pure market reaction, but on
DEVALUATION OF THE YUAN August 11, China declared that it shifts
In this concept of improving the status toward a flexible exchange rate policy
Spot exchange rate: USD/CNY- price per 1 US dollar in yuan
Source: Bloomberg
76 September 2015
