Chinese Yuan Strengthens Against U.S. Dollar After China Data
17 January 2020 - 12:52PM
RTTF2
The Chinese yuan drifted higher against the U.S. dollar in Asian
deals on Friday, as a slew of positive Chinese economic data buoyed
sentiment.
Data from the National Bureau of Statistics showed that gross
domestic product grew 6.0 percent year-on-year in the fourth
quarter, the same rate as seen in the third quarter and in line
with expectations
Industrial output accelerated unexpectedly to 6.9 percent in
December from 6.2 percent in November. The rate was expected to
ease to 5.9 percent.
Retail sales expanded 8 percent annually, as seen in November,
and slightly faster than the expected rate of 7.9 percent.
The yuan climbed to a 3-day high of 6.8661 against the greenback
from Thursday's closing value of 6.8768. The yuan is seen finding
resistance around the 6.7 mark.
The People's Bank of China set today's central parity rate of
the yuan at 6.8878 per dollar, compared to Thursday's rate of
6.8807. The Chinese central bank sets central parity rate every
morning and allows the yuan to fluctuate up to 2 percent from that
level.
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