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[-] NateNate60@lemmy.world 10 points 1 month ago

Keep in mind that this is not necessarily a good thing. China's economy is still mostly driven by Government spending and exports rather than consumer demands. The Chinese government would usually prefer the yuan to be weaker as this makes Chinese exports cheaper when denominated in foreign currencies and makes imports more expensive, discouraging domestic consumers from buying foreign goods.

The article does mention this as well, but the yuan's exchange rate isn't a great indicator of the Chinese economy as a whole because the central bank spends a great deal of time manipulating it.

[-] HubertManne@moist.catsweat.com 0 points 1 month ago

to me that is good news but im in the us. Id like us to stop getting products shipped from the other side of the globe.

[-] someguy3@lemmy.world 8 points 1 month ago

Pboc is people's bank of China. People's everything!

[-] technocrit@lemmy.dbzer0.com 3 points 1 month ago

Fiat money is always devaluing/expanding. It's just a question of what devalues fastest. That's why USA constantly needs to reinforce the petrol-dollar with oil wars, etc. But this scam won't last forever.

[-] banghida@lemm.ee -1 points 1 month ago

Better buy Bitcoin, right?

[-] MediaBiasFactChecker@lemmy.world -3 points 1 month ago

CNBC - News Source Context (Click to view Full Report)Information for CNBC:

MBFC: Left-Center - Credibility: High - Factual Reporting: Mostly Factual - United States of America
Wikipedia about this source

Search topics on Ground.Newshttps://www.cnbc.com/2024/09/25/chinese-yuan-hits-strongest-level-against-the-dollar-in-over-a-year.html
Media Bias Fact Check | bot support

this post was submitted on 25 Sep 2024
37 points (89.4% liked)

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