Over the past day, the Chinese national currency has weakened to 6.4596 yuan per unit of American currency.

The People’s Bank of China (central Bank) on Friday lowered the exchange rate of the renminbi (the official name of the Chinese currency) to the dollar by 498 points, to 6.4596 yuan per unit of the U.S. currency. This is reported on the regulator’s website.

According to the statistics of the central bank, this is the minimum value of the exchange rate since October 13, 2021. The amplitude of the one-day course correction has become the maximum since March 9 of this year.

According to the report of the State Council of the People’s Republic of China, published on March 5 at the opening of the annual session of the National People’s Congress (the highest legislative body), this year China will maintain the exchange rate of the national currency at a “rational and balanced level.”

In 2020, against the background of the pandemic, the yuan exchange rate has been declining against the dollar for several months. On May 29, 2020, the regulator lowered the exchange rate of the national currency to the minimum since February 2008 of 7.1316 yuan per dollar. However, after that, the yuan began to gradually strengthen against the U.S. currency and during 2021 it was at the level of 6.35 to 6.57 yuan per dollar.