(A bank staff is counting yuan PhotoChinanews) According to the China Foreign Exchange Trade System Vancouver Canucks Jersey , the central parity rate of the Chinese currency, the yuan, strengthened 237 basis points to 6.5032 against the U.S. dollar on Sep. 8, marking the fact that the currency has strengthened for the tenth consecutive working day to a nearly 16-month high against the U.S. dollar.
The strengthening of the yuan has brought many benefits for Chinese people. They can buy foreign commodities at cheaper prices and spend less on overseas studies.
However John Tavares Jersey , it’s bad news for investors who short sell the Chinese currency. Mark Hart, founder of Corriente Advisors, serves as a good example. According to Bloomberg, the hedge fund manager spent seven years and about 1.6 billion yuan ($240 million) waiting on a crash in Chinese currency. Hart had successfully predicted both the U.S. subprime mortgage bust and the European debt crisis years ago.
Due to the time difference Nazem Kadri Jersey , Hart had mostly given up on sleep at night and closely followed the market news and exchange rates. Having lost clients and nearly his sanity, he kept betting that the Chinese currency would collapse. Now, he has lost his conviction: the yuan, which he called for a more than 50 percent of devaluation last year Auston Matthews Jersey , has rallied.
Bloomberg reported that whether or not China got help from other G20 nations, the government has clearly succeeded in stabilizing the exchange rate. The yuan ended a three-year slide in late December and has rallied almost 7 percent in 2017, including a 0.5 percent increase on Sept. 7. “It’s now trading at the strongest level in more than a year versus the greenback.”
According to Bloomberg, Hart lost between $240 million and $250 million Mitchell Marner Jersey , equivalent to about 1.61 million yuan. The report pointed out that it was a rare miscalculation for Hart. “I always thought we had a good risk-reward trade on, but we made a number of mistakes, including being way too early,” he said Toronto Maple Leafs Jersey , “And now the world has changed.”
BEIJING, Sept. 4 (Xinhua) -- The nuclear test conducted by the Democratic People's Republic of Korea (DPRK) on Sunday had not impacted China's environment as of 4 a.m. Monday, according to radiation monitoring data.
All monitoring stations in China's northeastern border areas in the provinces of Heilongjiang, Jilin Steven Stamkos Jersey , Liaoning and Shandong recorded radiation at normal levels, the Ministry of Environmental Protection (MEP) said in an online statement.
The MEP on Sunday started monitoring the radiation levels in the border areas in an emergency response to the nuclear test. The monitoring data will be made public, it said.
The China Earthquake Administration reported that a magnitude 6.3 earthquake struck the DPRK at 11:30 a.m. Sunday with an epicenter depth of zero km, saying that it might have been caused by explosion.
The DPRK's Korea Central Television announced Sunday that the country had successfully detonated an H-bomb Nikita Kucherov Jersey , a hydrogen bomb that can be carried by an intercontinental ballistic missile.
China's Foreign Ministry has issued a statement expressing firm opposition to and strong condemnation of the test.
Xi, Putin agree to enhance strategic coordination, appropriately deal with DPRK nuclear test
Leaders of BRICS countries arrive at Xiamen Int'l Conference Center
Bright BRICS, bright future!
Aerial view of Hukou Waterfall in N China
Enchanting Xiamen ahead of 9th BRICS Summit
Rice in NE China enters harvest season
Salt fields enter into harvest season in China's Liaoning
Schools in China open recently after summer vacation
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