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France 24

Charles PELLEGRIN

China's Yuan falls to lowest level since 2008 global financial crisis

China International Monetary Fund US Federal Reserve Beijing Fiscal Policy Monetary Policy United Kingdom United States US Dollar

BUSINESS DAILY © FRANCE 24

Like many other world currencies, China's onshore and offshore Yuan both fell against the dollar on Wednesday, increasing the pressure on the People's Bank of China to intervene directly. The drop is a result of the strong US dollar following the Federal Reserve's rate hikes, coupled with Beijing's more dovish approach to monetary policy in order to stimulate growth. Also in this edition, we look at the IMF's criticism of the UK's new tax-cutting fiscal policy.

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