Opinion
Opinion

The Chinese CNY Is Far From Achieving Internationalization

The Chinese CNY Is Far From Achieving Internationalization
A Chinese bank employee counts 100-yuan notes and US dollar bills at a bank counter in Nantong in China's eastern Jiangsu Province on Aug. 28, 2019. STR/AFP/Getty Images
Law Ka-chung
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Commentary

The Chinese Yuan’s (Renminbi, CNY) recent depreciation aroused concerns. It had been steady before the summer but all of a sudden it depreciated by a few thousand points against the U.S. Ddollar (US$). In the past five months, it went from an exchange rate of 6.37 to 7.00, a depreciation of exactly 10 percent.

Law Ka-chung
Law Ka-chung
Author
Law Ka-chung is a commentator on global macroeconomics and markets. He has been writing numerous newspaper and magazine columns and talking about markets on various TV, radio, and online channels in Hong Kong since 2005. He covers all types of economics and finance topics in the United States, Europe, and Asia, ranging from macroeconomic theories to market outlook for equities, currencies, rates, yields, and commodities. He has been the chief economist and strategist at a Hong Kong branch of the fifth-largest Chinese bank for more than 12 years. He has a Ph.D. in Economics, MSc in Mathematics, and MSc in Astrophysics.
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