News Analysis
The devaluation of China’s currency, the yuan, has plummeted to its lowest point this year due to failed government interventions amid the economic depression.
More money issued by the Communist Party’s financial institutions will be used as a government hedge against the collapse of the banking and financial system, shifting the country’s debt burden onto Chinese nationals, which will worsen the country’s economy, said financial analyst He Bing.
On July 1, the offshore RMB (CNH) weakened to 7.26 per U.S. dollar, setting a record low for eight months since last November, with a value reduction of nearly 5 percent this year….