30.09.2022_Edi

„We are now in uncharted waters,“ says the Chief Economist of China Industrial Bank about the state of the yuan – and how its descent could be handled. The last time the Chinese currency was worth as little as it is today was during the 2008 financial crisis. While the US is raising interest rates and the dollar is strong, this measure is out of the question for Chinese central bankers. The risk is too great for the ailing economy, which experiences massive problems. The wait-and-see attitude of economic players in the weeks leading up to the CP Congress is not making things any better, writes Frank Sieren in his analysis. And reports on how China wants to elevate the yuan to the status of a global currency regardless.