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North Korea Revalues Its Currency - Creating Parity Between US Dollar and Chinese Yuan

Filed in archive Yuan Renminbi on December 22, 2009

North Korea Revalues Its Currency - Creating Parity Between US Dollar and Chinese Yuan
© panaxy


North Korea revalued its Won this month, and the revaluation placed the US Dollar and the Chinese Yuan Renminbi at something close to pariety - at least in North Korea.

2pointsixbillion.com (a blog focused on China-India issues) explaiened it this way:
In the aftermath of its currency devaluation, the North Korean regime has apparently pegged the won at 131 won to the U.S. dollar and 139 won to the Chinese renminbi, effectively placing the renminbi and the U.S. dollar at parity.
On the black market in North Korea the U.S. Dollar is worth about 3,000 NK Won. And the official exchange rate at the moment values the U.S. Dollar at about 6.83 Chinese Yuan outside North Korea.

TIME magazine had good coverage of North Korea's currency reform. Among other things, the North Korea government replaced its old currency with new currency and gave citizens just one week to make the exchange.

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Tags: north  korea,  won,  renminbi  china  north+korea  dollar+chinese  chinese+yuan 

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