KATHMANDU, NOVEMBER 19
Despite the impact of the COVID-19 pandemic, the Chinese economy is growing of late making its currency stronger.
Even during the pandemic, the value of the Chinese currency, yuan, that is also called the renminbi, has been growing each day. In the meantime, stakeholders have stated that the increasing value of the Chinese currency might have an impact on the country’s import making it costlier.
Gunakar Bhatta, spokesperson for Nepal Rastra Bank (NRB), mentioned that even though the country’s trade relation with China is not so intense, imports from China have been gradually rising in recent years. “Recently, China’s trade has been increasing and so its economy. As a result its currency is getting stronger whereas the US dollar has remained constant for a long time,” he said. “This might have an effect on our imports as the country’s import of goods from China has been growing in recent years.”
As per Bhatta, during the pandemic the Chinese economy rose by two per cent.
He further stated that though import from China will become expensive, the positive side is that it will be beneficial for us