Chinese Yuan Leads Asian Currency Surge with 6.2% Gain in 2024
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
- Yuan's Strong Performance: The Chinese yuan appreciated approximately 6.2% against the US dollar in 2024, reflecting China's successful economic rebalancing and a trade surplus expansion to $68 billion, which attracted a 14% increase in foreign investment, thereby enhancing the yuan's international standing.
- Yen's Unusual Stability: Despite the Bank of Japan maintaining an ultra-accommodative monetary policy, the yen ended the year essentially flat against the dollar, indicating the interplay between foreign investment inflows and domestic bond purchases, which diminished the yen's traditional safe-haven demand.
- Unique Trajectory of Rupee: The Indian rupee experienced unexpected volatility in 2024, diverging from broader regional trends, as strong economic growth attracted foreign investment while elevated oil import costs created persistent current account pressure, illustrating its distinct path compared to other Asian currencies.
- Coordinated Regional Policies: Central banks across Asia implemented coordinated policies to stabilize exchange rates, facilitating regional economic recovery, with manufacturing exports increasing by 8.3% year-over-year, thus providing support for currency appreciation.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
