Australia feeling the impact of weakening yuan

Global Business

Australia feeling the impact of weakening yuan

China’s currency devaluation continues to impact economies around the world including Australia. While the country’s struggling share market dipped even further.

Some economists say the lower yuan will help boost some sectors of the Aussie economy. CCTV’s Greg Navarro filed this report from Sydney.

Australia feeling the impact of weakening yuan

Australia feeling the impact of weakening yuan

China's currency devaluation continues to impact economies around the world including Australia. While the country's struggling share market dipped even further.Some economists say the lower yuan will help boost some sectors of the Aussie economy. CCTV's Greg Navarro filed this report from Sydney.

More details:

  • Australia’s mining sector has struggled for months due to an increase in supply, and a decrease in demand, from its biggest export destination: China.
  • The lower yuan has pushed the Australia dollar to a 6 year low this week. And it’s expected to slow foreign investment in the country’s property market, especially from Chinese buyers who will now find property more expensive.

Anthony Chan and Max Wolff on the yuan’s value
Anthony Chan and Max Wolff spoke with CCTV America to provide their insight on recent yuan’s devaluation and its impact. Anthony Chan is the Managing Director and Chief Economist at J.P. Morgan-Chase Private Client. And Max Wolff is the Chief Economist at Manhattan Venture Partners.

Anthony Chan and Max Wolff on the yuan\'s value

Anthony Chan and Max Wolff on the yuan\'s value

Anthony Chan and Max Wolff spoke with CCTV America to provide their insight on recent yuan's devaluation and its impact. Anthony Chan is the Managing Director and Chief Economist at J.P. Morgan-Chase Private Client. And Max Wolff is the Chief Economist at Manhattan Venture Partners.

Follow Anthony Chan on Twitter @jpmorgan
Follow Max Wolff on Twitter @MaxFWolff