Yuan Backed by Economic Data

The Chinese yuan gained today due to positive data about trade balance and consumer price inflation, which has been released in China over the weekend. As for negative indicators, producer prices fell more than was expected.

According to the Customs General Administration of China, the trade surplus widened from $31.0 billion in September to $45.4 billion in October. The actual value exceeded the median projection of $41.6 billion. The National Bureau of Statistics reported that the Consumer Price Index rose 1.6 percent last month from a year ago. The gauge increased at the same rate as in the previous reporting period and in line with expectations. The Producer Price Index fell 2.2 percent last month on annual basis, more than was predicted by analysts.

USD/CNY fell from 6.1230 to 6.1195 as of 18:04 GMT today, reaching the low of 6.1137 intraday.

If you have any questions, comments or opinions regarding the Chinese Yuan,
feel free to post them using the commentary form below.

Leave a Reply

Your email address will not be published. Required fields are marked *