03 May

 The effect of the coronavirus is been experienced in every state in the globe. This, therefore, includes the Chinese economy. The Chinese currency has been doing well for the past few years.  But, the same cannot be said on the yuan as of the moment. The coronavirus has forced the Chinese government to drive most of their funds on the health care sector. On top of that, there is a lot of panic in the international market and hence there is not much attention on the growth of economies.  Nobody knows when the treatment or vaccine for the coronavirus will be ready so the yuan will keep been affected.  The following are the impacts of coronavirus on the yuan. Read about Chris Brummer on this homepage.


 You should first know that the manufacturers in china are no longer working as a precaution against coronavirus.  The production sector has a big role to play in the development of china’s economy.  A few manufacturing industries are still working but a very minimal rate. Most of the workers in these industries are at home and therefore there is less productivity. Therefore, this greatly impacts the yuan by halving the rate of its growth. Therefore, this reduces the rate at which the digitization of the yuan is supposed to be done. 


China is also greatly dependent on foreign investors.  Outside companies in china have a great impact on the yuan.  There is not much that can be done now by china with the coronavirus still infecting people.  Every foreign investor has seized working with china.  Many investors from other states are taking back what they had put in china.  Hence, there is little hope for china having great foreign investors in the future with the coronavirus still affecting people. Get more details about Chris Brummer on this page.


 Many countries also rely on China for the most standard construction services.  You should know that the construction services offered by china are among the big players in the effort to digitize the yuan.  The coronavirus has forced many workers of the outside projects to go home and hence there is no contribution to the growth of the yuan. The projects can not be completed.  The construction work also relies on machines that are made in china.  The largest industries in china are not producing much and this perfectly explains why you should not expect much growth leave on the digitization of the Chinese currency, yuan.  There is, therefore, less growth and improvement in the digitization of yuan as the coronavirus is affecting everything.  Some trends will be broken as people move on. Follow this link for more details: https://en.wikipedia.org/wiki/Coronavirus_disease.

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