China’s latest official import and export figures fell short of expectations, with exports falling in May. After “breaking 7” against the U.S. dollar last month, the yuan exchange rate fell below 7.15 on June 8.
A financial expert told The Epoch Times that the yuan’s depreciating value is an inevitable consequence of China’s weak exports, and the yuan will “break 7” more frequently in the future.
According to the latest import and export data released by China’s General Administration of Customs, China’s imports and exports continued to fall in May. The total value of exports in May was $283.05 billion, a decrease of 4.0 percent from April, a decrease of 7.5 percent year-on-year, and the second lowest since May 2022. China’s cumulative import and export value from January to May was $501.19 billion, a 2.8 percent year-on-year decline, and 0.9 percentage points higher than the cumulative decline of 1.9 percent from January to April….