The Chinese yuan rallied today as officials’ comments about economic growth improved the traders’ sentiment and attracted them to nation’s assets.
Chinese premier Li Keqiang expressed an opinion that growth will not slow below the 7 percent level and even if it decelerate below this mark the government will step in to support the economy. Vice Premier Zhang Gaoli said that the government is going to expand infrastructure and social welfare investment. Such comments led to the rally of Chinese stock and the yuan.
USD/CNY dropped from 6.1452 to 6.1377 as of 9:31 GMT today.
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