On April 16, 2012, the CNY daily trading band was raised from 0.5% to 1%. The flexibility in the Yuan was increased again after the financial crisis. The USD/CNY was restricted in a narrow range between 6.81 and 6.85.Ģ010 - Aug 2018 : The CNY reform was resumed. This was used as a measure to protect China's international trade during the crisis. Mid 2008 - 2010 : The CNY was re- pegged to the USD, f ollowing the eruption of the global financial crisis in the mid of 2008. Read More: What is China's managed-floating exchange rate regime? Under the new system, the Central Bank loosened Yuan's pegging against a sole currency - USD, and introduced a basket of currencies as the new reference. On July 2, 2005, the USD/CNY was strengthened by +2.1% from 8.2765 to 8.1100, following China 's Central Bank launching a managed-floating exchange rate regime. On January 1, 1994, the dual-track exchange rate system was ended, with the two CNY exchange rates merged into one.Ģ005 - Mid 2008 : The CNY flexibility was increased.
For example, at the end of 1993, the official USD/CNY rate was 5.8 while the market rate was 8.7. Before 1994, China had two CNY rates in the onshore market, an official rate and a market rate. ġ994 - 2005 : A sole CNY rate was formed, signalling the start of China's modern foreign exchange rate system. I would like to invite both of my siblings to have a sparkling time with rose and white so we could update each other on our progress in life before the next family gathering at the end of the year.Data downloaded from Bloomberg chart prepared by Renee Mu. The highlight of the celebration was we serenaded them with classical Christmas carols such as Rudolph the Red Nose Reindeer, I Saw Mummy Kissing Santa Clause and Joy to The World to their applause. Mom cooked up a storm in the kitchen and we invited close relatives and friends. My fondest Christmas was in year 2018, where everyone of us were able to celebrate Christmas at home together with mom. As we shared the same passion in singing, we used to serenade each other with our favourite Christmas carols through the then popular MSN messenger video calls even though the hostel internet line was terrible. On one Christmas, I reached home on late night on Christmas eve and had to depart early morning on Boxing Day.
Because of this, we could not afford long breaks during Christmas to spend time together with our family. My siblings and I are studying at different parts of Malaysia (Pahang, Johor and Kuala Lumpur).
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