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The renminbi rate fell sharply, triggering anxiety and fears among investors
The Chinese currency showed a significant decline against the dollar: from the beginning of the week, the yuan fell by 0,33% to 6,1493 for $ 1. Such a sharp depreciation following the results of five sessions was not observed from April 25.
Analysts polled by Bloomberg expect Chinese GDP growth of 7,4% in 2014 - the last time the Chinese economy grew at such a slow pace in 1990. Nevertheless, experts explain the fall in the national currency rate by a specific reason - on the eve of the Bank of China lowered the base interest rates.
"The rate cut surprised investors and raised concerns about the prospects for the Chinese economy, which adversely affected the exchange rate of the renminbi," Stella Lee, head of Success Wealth Management, said.