Tugrik rises against yuan as Mongolia closes border with China - News.MN

Tugrik rises against yuan as Mongolia closes border with China

Tugrik rises against yuan as Mongolia closes border with China

Mongolia’s currency has risen against the Chinese Yuan as the country closes the border with its southern neighbour in a raft of measures to prevent the spread of coronavirus.

Normally, the exchange rate of the Mongolian Tugrik against the yuan weakens before Tsagaan Sar (Lunar New Year); this is due to the increased flow of small traders to China. However, this year is quite different following Mongolia’s suspension of train travel between Ulaanbaatar and Erlian, which is the Chinese nearest city across the border. The ban will last until 2 March.

Currently, one yuan (RMB) buys 391 Mongolian Tugriks (MNT); last month it was MNT 400.

Meanwhile, people are buying US dollars; today’s rate is USD 1 for MNT 2745 – an increase from MNT 2727.34 in December, 2019.

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