By: Mariam Abu Bakr
CAIRO: The Chinese Yuan Renminbi strengthened by 6.3875 against the U.S. dollar Thursday, marking a 2.85 percent increase since its stable status in April, according to Reuters.
It averaged 6.21 against the dollar from April until Aug. 10 and further reaching its peak at 6.44 Aug 12.
“The fact that China has devalued its currency does not affect the volume of Egyptian imports from China,” Head of the Division of electrical appliances at Chamber of Commerce in Cairo, Hassan Imam, said to Youm7.
However, since Egypt’s economy is highly dependent on imports, this may affect the already deficit U.S. dollar currency in Egypt.
“I believe that the volume of the Egyptian imports from China will increase due to China’s devalued currency, which would place a burden on our economy due to the rare U.S. dollar currency,” the Assistant General Manager at one of Egypt’s private banks told The Cairo Post.