Chinese Yuan Fluctuates as US Election Votes Get Counted

A Chinese bank employee counts 100-yuan notes and US dollar bills at a bank counter in Nantong in eastern China's Jiangsu Province on Aug. 6, 2019. STR/AFP via Getty Images

The value of the Chinese yuan fluctuated dramatically on Nov. 4 as votes were being counted for the U.S. presidential election.

Around 9 p.m. Eastern Standard Time (EST) on Nov. 3, as votes for U.S. President Donald Trump led in the state of Florida, the yuan’s offshore market rate plunged from $0.14975 to $0.14831. The value fell by one percent within minutes.