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Yuan at all-time low

The yuan is far from replacing the US dollar as a global currency.

The world is in an economic crisis. The Americans raise interest rates and what has always happened in the past decades happens again: investors seek shelter with the US dollar. Thanks to rising demand, the global currency is now more expensive than it has been in 20 years. At the same time, the Chinese yuan dropped to its lowest value since 2008, even though the currency is not even freely tradable. And even though China is doing much better than the US in terms of foreign exchange reserves, foreign debt, and trade balance.

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