Chinese yuan weakens in December 2023


File photo shows a resident withdraws 100-yuan banknotes from an ATM at the Beijing Branch of the Bank of Communication in Beijing, capital of China. (Xinhua/Li Xin)

BEIJING, Jan. 13 (Xinhua) — In December 2023, Chinese yuan weakened against a basket of currencies, according to the China Foreign Exchange Trade System (CFETS).

At the end of December, the CFETS yuan exchange rate composite index, which measures the yuan’s strength relative to a basket of currencies, went down 0.89 percent from the end of November to 97.42, according to the system.

The index compares the yuan with the value of 24 currencies, including the U.S. dollar, euro and the Japanese yen.

By the end of December, the index measuring the yuan against the Bank for International Settlements currency basket fell 0.5 percent from the end of November to 102.42.

The index measuring the yuan against the Special Drawing Rights basket dropped 0.44 percent from the previous month to 93.23. 



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