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View FAQs. Wells Fargo may offer different rates to different counterparties for the same or similar transactions. Wells Fargo provides rates at its sole discretion. Banking Accounts and Services. The yuan was pegged to the greenback at 8. By keeping the yuan at artificially low levels, China makes its exports more competitive in the global marketplace.

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China achieves this by pegging the yuan to the U. Because the yuan would appreciate significantly against the greenback if it were allowed to float freely, China caps its rise by buying dollars and selling yuan. Opposing Viewpoints.

The Yuan and the Chinese Economy

China views its focus on exports as one of the primary means of achieving its long-term growth objectives. This viewpoint is backed by the fact that most nations in the modern era, notably the Asian Tigers, have achieved sustained increases in per-capita incomes for their citizenry mainly through export-oriented growth. As a result, China has consistently resisted calls for a substantial upward revision of the yuan, since such a revaluation could adversely impact exports and economic growth , which could in turn cause political instability.

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Demands in recent years by U. According to a study by the Economic Policy Institute in , the U. Implications of Yuan Revaluation. On the one hand, the undervalued yuan is akin to an export subsidy that gives U. As well, China recycles its huge dollar surpluses into purchases of U.

Treasuries, which helps the U. On the other hand, the low yuan makes U. As noted earlier, the undervalued yuan has also led to the permanent transfer of hundreds of thousands of manufacturing jobs out of the U. A substantial and abrupt revaluation in the yuan, while unlikely, would render Chinese exports uncompetitive. Although the flood of cheap imports into the U. Yuan revaluation may do little to stem the exodus of U. Mitigating Factors and Glimmers of Hope.

There are some mitigating factors and glimmers of hope on the issue of yuan revaluation. A number of analysts maintain that one reason for the huge increase in U. Specifically, a significant proportion of these imports are from multinational companies based in China that use facilities located in the nation as the final assembly point for their products. Many of these companies have moved their production facilities from higher-cost nations such as Japan and Taiwan to China. Finally, concerns that China may dump its holdings of U.

Treasuries in the event of yuan revaluation seem largely overblown.

Convert from Chinese Yuan (CNY) to United States Dollar (USD)

The Bottom Line. Little is to be gained by U. A trade war would create global financial turmoil and wreak havoc on investment portfolios, apart from reining in global economic growth and perhaps even triggering a recession. But that scary scenario is quite unlikely, even if the rhetoric is ratcheted up by both sides. The most likely outcome going forward is one of gradual appreciation of the yuan, accompanied by measured dismantling of currency controls as China moves toward a freely convertible currency.

So it may be a few years before the yuan terminates its tango with the greenback and heads out on its own. Monetary Policy.

Fiscal Policy. Your Privacy Rights.

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