The fall of the yuan value threatens Uganda’s economy

World stock markets and the currencies of many emerging markets, have seen large swings since China’s decision to devalue its currency.

The first devaluation of the yuan that came in August 2015 marked the largest single drop in more than 20 years, yet again this year China continues to devalue its currency by three percent at the People’s Bank of China.

China being the second largest economy in the world, its devaluation of the yuan affects so much Uganda’s trade considering most of her imports are from China and other Asian countries.

An annual growth rate of 42 per cent has been registered since 2012, this would place these volumes at slightly over Shs3650b.

This has worried traders since the pinch will be felt to even retailer level.

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