Chinese Yuan Climbs To 2-day High Versus U.S. Dollar
The Chinese yuan rose to a 2-day high against the U.S. dollar during early Asian deals on Thursday on the back of encouraging economic reports from China .
Industrial production in China increased 18% year-on-year in the fourth quarter, faster than the 12.4% rise in the previous quarter and the 9.1% growth in the second quarter.
Retail sales in China were up 17.5% annually in December, coming in above expectations for a 16.3% gain.
China’s gross domestic product rose 10.7% year-on-year in the fourth quarter, faster than the 9.1% increase in the third quarter and the 7.9% increase in the second quarter. It came in roughly in line with forecasts for a 10.5% increase.
China’s PPI and CPI for December, which were also released today likely influenced the yuan.
The yuan soared to a 2-day high 6.8265 against the greenback at 9:20 pm ET. Presently, the greenback is worth 6.8287 versus the yuan. The dollar-yuan pair closed yesterday’s New York session at 6.8280.
The People’s Bank of China has set today’s central parity rate for the dollar-yuan pair at 6.8272. The pair is allowed to strengthen or weaken 0.5% from the parity rate.
