The Chinese yuan fell against the US dollar today as the drop of the nation’s trade balance surplus was far bigger than market participants have anticipated, fueling concerns about slowing growth of the world’s second biggest economy.
The trade excess shrank from $60.0 billion to just $3.1 billion in March versus the expected figure of $43.4 billion. The main contributor to the decline was export that fell unexpectedly instead of rising as analysts were predicting. Today’s data is yet another evidence that the Asian economic colossus is faltering. Unsurprisingly, this made the Chinese currency much less attractive.
USD/CNY advanced from 6.2085 to 6.2157 as of 13:18 GMT today.
If you have any questions, comments or opinions regarding the Chinese Yuan,
feel free to post them using the commentary form below.
Be First to Comment