{"id":53644,"date":"2023-01-06T10:00:17","date_gmt":"2023-01-06T01:00:17","guid":{"rendered":"https:\/\/www.dailynk.com\/english\/?p=53644"},"modified":"2026-04-05T15:39:57","modified_gmt":"2026-04-05T06:39:57","slug":"borrowers-hurt-dramatic-rise-north-korean-won-chinese-yuan-exchange-rate","status":"publish","type":"post","link":"https:\/\/www.dailynk.com\/english\/borrowers-hurt-dramatic-rise-north-korean-won-chinese-yuan-exchange-rate\/","title":{"rendered":"Borrowers hurt by dramatic rise in N. Korean won &#8211; Chinese yuan exchange rate"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Quarrels are breaking out between lenders and borrowers due to the sudden rise in the North Korean won-Chinese yuan (KPW-RMB) exchange rate recently, Daily NK has learned.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A source in North Hamgyong Province told Daily NK last Thursday that \u201cquarrels have been breaking out recently between some lenders and borrowers in Hoeryong,\u201d adding that the fights \u201care due to the KPW-RMB exchange rate climbing higher than when the money was borrowed, which has led lenders to try and collect their loans at the higher rates.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to the source, the yuan \u2014 which had been trading at KPW 900 as recently as early December \u2014 has been strengthening since mid-December and is now trading at KPW 1,155 in Hoeryong.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The yuan dropped as low as KPW 500 after North Korea closed the borders in January 2020. It then climbed into the KPW 800s this year before again rising to KPW 1,155 more recently.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The increase in the exchange rate by over 30% this year has led to fights between lenders and borrowers.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The source said the quarrels are breaking out as lenders tell borrowers to pay more North Korean currency based on the value of the yuan. <\/span><span style=\"font-weight: 400;\">He said many lenders are trying to avoid dwindling reserves of yuan \u201cby passing on the difference to the borrowers.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In fact, one resident of Hoeryong borrowed KPW 1.6 million in February, paying interest every month and using the principle as seed money. <\/span><span style=\"font-weight: 400;\">However, he had a big fight with his lender when he recently tried to pay back his loan at the end of the year. <\/span><span style=\"font-weight: 400;\">The lender claimed that the KPW 1.6 million was now KPW 2.31 million based on the current KPW-RMB exchange rate.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A fight immediately ensued because this meant the lender would have to pay an extra KPW 710,00.<\/span><\/p>\n<figure id=\"attachment_48329\" aria-describedby=\"caption-attachment-48329\" style=\"width: 696px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-48329\" src=\"https:\/\/www.dailynk.com\/english\/wp-content\/uploads\/sites\/2\/2021\/04\/\ubd81\ud55c\uc2e0\uad8c\ubd80\ucc44\uaf34-1-696x418-1.jpg\" alt=\"\" width=\"696\" height=\"418\" srcset=\"https:\/\/www.dailynk.com\/english\/wp-content\/uploads\/sites\/2\/2021\/04\/\ubd81\ud55c\uc2e0\uad8c\ubd80\ucc44\uaf34-1-696x418-1.jpg 696w, https:\/\/www.dailynk.com\/english\/wp-content\/uploads\/sites\/2\/2021\/04\/\ubd81\ud55c\uc2e0\uad8c\ubd80\ucc44\uaf34-1-696x418-1-300x180.jpg 300w\" sizes=\"auto, (max-width: 696px) 100vw, 696px\" \/><figcaption id=\"caption-attachment-48329\" class=\"wp-caption-text\">FILE PHOTO: North Korean cash. (Daily NK)<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">The lender complained that the transaction was made in North Korean currency, not Chinese, and that the lender was bringing up the exchange rate and telling him to pay up at the higher market rate out the blue.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A fight between another individual and his lender over the same issue in Hoeryong resulted in the police being called, the source said.\u00a0<\/span><span style=\"font-weight: 400;\">The individual borrowed KPW 2 million when the yuan was trading at KPW 850, using the money to earn a living selling industrial goods. <\/span><span style=\"font-weight: 400;\">On Dec. 23, however, the lender told him to pay back KPW 2.71 million since the exchange rate had increased.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This led to an argument and then a physical altercation.\u00a0<\/span><span style=\"font-weight: 400;\">The police dragged the individual down to the station, where they made him write a self-criticism letter and warned him that if he caused a disturbance again, they would send him to a forced labor camp.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The source said the fights are erupting because lenders and borrowers typically make deals without putting together detailed contracts.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Moreover, business people who borrowed foreign currency to conduct commerce in North Korean currency are also suffering major losses following the dramatic rise in the KPW-RMB exchange rate.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Generally, this is because business people were unable to sell products at prices that would cover the losses from the higher exchange rate, and if they pay back their principle at the currently higher rate, they will need to pay an extra KPW 35,000 or more for every RMB 100.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Because the deals were made using Chinese currency, borrowers have to shoulder the entire difference created by the higher exchange rate, the source explained.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cMost people are welcoming the higher KPW-RMB exchange rate, but many people have been hurt by it, most of whom have no money,\u201d he said. &#8220;<\/span><span style=\"font-weight: 400;\">Because of this, they are living even tougher lives, and they cannot escape from the debt.&#8221;<\/span><\/p>\n<p><i>Please direct any comments or questions about this article to dailynkenglish@uni-media.net.<\/i><\/p>\n<p><a href=\"https:\/\/www.dailynk.com\/20221229-1\/\"><i>Read in Korean<\/i><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Quarrels are breaking out between lenders and borrowers due to the sudden rise in the North Korean won-Chinese yuan (KPW-RMB) exchange rate recently, Daily NK has learned. A source in North Hamgyong Province told Daily NK last Thursday that \u201cquarrels have been breaking out recently between some lenders and borrowers in Hoeryong,\u201d adding that the [&hellip;]<\/p>\n","protected":false},"author":132,"featured_media":43596,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"wikipediapreview_detectlinks":true,"footnotes":""},"categories":[67,645],"tags":[714,759,930],"class_list":["post-53644","post","type-post","status-publish","format-standard","has-post-thumbnail","category-news","category-economy","tag-economy","tag-china","tag-foreign-currency"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.7 (Yoast SEO v28.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Borrowers hurt by dramatic rise in N. Korean won - Chinese yuan exchange rate - North Korea News \u2014 Daily NK | Latest DPRK Updates 2026<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.dailynk.com\/english\/borrowers-hurt-dramatic-rise-north-korean-won-chinese-yuan-exchange-rate\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Borrowers hurt by dramatic rise in N. Korean won - Chinese yuan exchange rate\" \/>\n<meta property=\"og:description\" content=\"Quarrels are breaking out between lenders and borrowers due to the sudden rise in the North Korean won-Chinese yuan (KPW-RMB) exchange rate recently, Daily NK has learned. A source in North Hamgyong Province told Daily NK last Thursday that \u201cquarrels have been breaking out recently between some lenders and borrowers in Hoeryong,\u201d adding that the [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.dailynk.com\/english\/borrowers-hurt-dramatic-rise-north-korean-won-chinese-yuan-exchange-rate\/\" \/>\n<meta property=\"og:site_name\" content=\"North Korea News \u2014 Daily NK | Latest DPRK Updates 2026\" \/>\n<meta property=\"article:published_time\" content=\"2023-01-06T01:00:17+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-04-05T06:39:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.dailynk.com\/english\/wp-content\/uploads\/sites\/2\/2020\/01\/00475.MTS_20190521_140327.656.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Lee Chae Eun\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Lee Chae Eun\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.dailynk.com\\\/english\\\/borrowers-hurt-dramatic-rise-north-korean-won-chinese-yuan-exchange-rate\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.dailynk.com\\\/english\\\/borrowers-hurt-dramatic-rise-north-korean-won-chinese-yuan-exchange-rate\\\/\"},\"author\":{\"name\":\"Lee Chae Eun\",\"@id\":\"https:\\\/\\\/www.dailynk.com\\\/english\\\/#\\\/schema\\\/person\\\/6c9f40b0a89c4a5354607f43756dbbe0\"},\"headline\":\"Borrowers hurt by dramatic rise in N. 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