The bank began to depreciate the national currency at the end of April due to numerous outbreaks of coronavirus infection, a lockdown in Shanghai, and the resulting disruptions in production and logistics chains.
On April 26, the yuan exchange rate showed the biggest drop since August 13, 2015, falling by 681 basis points. In May, amid improvements in the epidemiological situation, the yuan exchange rate began to grow, and since mid-June, its slight fluctuations have been registered within no more than 360 basis points.
In the socio-economic development plan of the country, published at the opening of the parliamentary session on March 5, the Chinese authorities announced their intention to maintain a stable exchange rate of the yuan at a rational and balanced level in 2022, as well as to implement a prudent monetary policy.