Macau Association of Banks (ABM) President-cum-lawmaker Ip Sio Kai told reporters yesterday that due to the impact of the Sino-US trade war, the yuan’s exchange rate would float in the short run, adding that the yuan has the nation’s strong support so there was no need to be “overly pessimistic” about the national currency’s exchange rate, according to a report by government-owned broadcaster TDM.
Ip talked to the media on the sidelines of a plenary session in the Legislative Assembly.
The exchange rate between the yuan and the US dollar exceeded 7 yuan this week. The rate stood at 7.0456 yuan US$1 last night, according to Reuters.
Macau Association of Banks (ABM) President-cum-law marker Ip Sio Kai talks to reporters at the Legislative Assembly (AL) yesterday about this week’s drop in the yuan’s exchange rate. Photo: Courtesy TDM
