Yuan Forwards Strengthen as Record June Exports Signal Recovery

From Bloomberg:

Yuan forwards climbed for a third day after the government reported record exports in June and the largest trade surplus in eight months.

Overseas sales jumped 43.9 percent from a year earlier to $137.4 billion and the trade surplus more than doubled to $20 billion, the highest level in eight months, the customs bureau said July 10. The U.S. government stopped short of branding China a currency manipulator on July 8 and said the yuan “remains undervalued” after the nation ended a two-year peg to the dollar on June 19.

“China’s trade number was pretty positive and there might be a bit of pressure from Washington for the yuan to appreciate at a faster pace,” said Brian Jackson, an emerging-markets strategist at Royal Bank of Canada in Hong Kong. Yuan forwards “should see a bit of that” appreciation pressure this week, he added.

See also: “China Exports May Lose Pace on Europe Crisis, Yuan

CDT EBOOKS

Subscribe to CDT

SUPPORT CDT

Unbounded by Lantern

Now, you can combat internet censorship in a new way: by toggling the switch below while browsing China Digital Times, you can provide a secure "bridge" for people who want to freely access information. This open-source project is powered by Lantern, know more about this project.

Google Ads 1

Giving Assistant

Google Ads 2

Anti-censorship Tools

Life Without Walls

Click on the image to download Firefly for circumvention

Open popup
X

Welcome back!

CDT is a non-profit media site, and we need your support. Your contribution will help us provide more translations, breaking news, and other content you love.