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China Minimum Wage 2021 – 2022 How Much USD?

by Financial Economy

There are millions of minimum wage employees in the People’s Republic of China, which is the world’s most important production base. Although the minimum wage applied in the country differs according to the regions; The minimum wage figure is also announced each year by the Chinese central government. While this amount is applied as 2420 Yuan for 2018; It was applied as 2480 Chinese Yuan for 2019 and 2020. In China, the minimum wage will increase by 5.1 percent first and 5 percent in the following year, in line with the decision taken by the government between 2021 and 2022.

China Minimum Wage 2021 and 2022

With an increase of approximately 5.1 percent for 2021, the minimum wage in China will be 2620 Chinese Yuan. In 2022, it was decided to increase the minimum wage by 5 percent. Accordingly, in 2022, the lowest salary in China will rise to 2750 Chinese Renminbi (Yuan).

How Much Will The Minimum Wage Be In China?

The official currency of the People’s Republic of China is expressed in the Yuan or the Renminbi. It can be said that the Yuan, which has rapidly appreciated against the Turkish Lira in recent years, draws a stable chart against the dollar. Because in 2015, 1 Chinese Yuan was equivalent to 0.16 USD; today it is equal to 0.15 USD. This figure is not expected to change aphakia in 2021 and 2022. Therefore, based on the above exchange rates, it would not be wrong to calculate the Chinese minimum wage for 2021 and 2022 in dollars as follows.

  • The minimum wage of 2620 Yuan to be applied for the year 2021 is approximately 384 in dollar terms.
  • The minimum wage of 2750 Yuan to be applied for the year 2022 will be equivalent to approximately 403 units in dollar terms.

Based on the above figures, how many dollars is the minimum wage in China for the year 2021 and 2022; It would not be wrong to answer “about 400 dollars”.

China May Go Devaluation Again!

Although the Chinese Yuan is expected to strengthen in parallel with the developing economy of the country, the political power does not allow this. This situation is not expected to change in the near future. For this reason, an extreme difference in the Chinese minimum wage figure on dollar basis is not included in the possible scenarios.

Source: https://tradingeconomics.com/china/minimum-wages#:~:text=In%20the%20long%2Dterm%2C%20the,according%20to%20our%20econometric%20models.

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