This year the yuan shows excellent results. The Chinese currency is on the rise and gradually accelerates its growth. Since the beginning of the year, the yuan rose by 4 percent against the US dollar, offsetting most of the last year's losses.
In 2016, the Chinese currency fell against the US dollar by about 7 percent. Earlier, the People's Bank of China set the USD/CNY central rate at 6.6597, which was the highest level this year. Meanwhile, the situation in the forex market changes quite often, so experts warn that the exchange rate can sharply change its direction. However, it is safe to say that there will not be any changes before the XIX National Congress of the Communist Party of China. This large-scale event, which is held every five years, can not overshadow the news of the currency fall. Before meetings of the Communist Party, official data always show that everything is perfect in the country. The Chinese comrades are always ready to report about achievements in all areas. However, upbeats reports of Chinese officials have no influence on market laws. Investors continue to withdraw capital from the country, despite the government’s attempts to control the money movement. Ordinary citizens are happy about the achievements of the Communist Party in words but are actually trying to keep their savings outside the country. As a result, by the end of all official and festive events in celebration of the National Party Congress, analysts expect the yuan to stop the growth and even start declining.
