Chinese in Britain breathe a sigh of relief as the pound’s sudden crash eases ‘soaring’ living costs
- As the pound crashes against global currencies, including the yuan, Chinese in Britain are finding living costs more bearable
- If the pound depreciates further, however, Chinese goods sold in Britain will become more expensive, economists say
Chinese graduate student Wang Qing is elated by the fall in the value of the pound because the yuan she uses in London’s Asian supermarkets now stretch a lot further.
The pound, historically one of the strongest global currencies, has hit new lows this week. On Wednesday, it tumbled to 7.749 yuan, down from 7.9552 yuan before the plunge.
Though the currency’s weakness is ringing alarm bells in Britain, Chinese studying or working there are delighted, especially amid surging inflation and an energy crisis.
“Since the Russia-Ukraine conflict, food and energy prices have been soaring and rents are also rising,” said 23-year-old Wang.
“The increase in imported food is very significant compared to last year. I’m now staying in the school library during the daytime to cut my electricity bill.”