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Yuan weakens 1.7% against U.S. dollar


12-07-2016 00:59 BJT

The China Foreign Exchange Trade System index came in at 94.68 at the end of November. That was a slight increase of about half a percent from October.

The dollar continued to gain strength in November as the market raised expectations of a US rate hike in December. The U.S. dollar index increased three percent during the month, causing most currencies to lose value against it.

The yuan depreciated 1.69 percent in November. That was much better compared to the yen's 8.42 percent, the euro's 3.57 percent and the Mexican peso's 8.31 percent.

Analysts say the yuan's forex rate will remain at a stable level because China's economy showed signs of improvement last month.

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