Unexpected Chinese Trade Surplus Makes Yuan Stronger
The Chinese yuan appreciated today as the nation’s trade balance posted an unexpected surplus, improving the market sentiment and increasing the appeal of China’s assets.
According to the Customs General Administration of China, China’s trade balance posted a surplus of $15.3 billion in February after demonstrating a surplus of $29.2 billion in the previous month. Traders counted on a deficit of $8.8 billion. It was a nice surprise and the yuan reacted positively to the news.
USD/CNY fell 0.06 percent to 6.2163 as of 13:22 GMT today.
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Earlier News About the Chinese Yuan:
- Yuan Fluctuates as Bernanke Reduces Fear (2013-02-27)
- Chinese Yuan Stronger as PBoC Boosts Daily Fixing (2013-02-20)
- Trading Environment Negative for Yuan (2013-01-16)
- Could Western Governments Be Considering Borrowing in Yuan? (2013-01-14)
- Yuan Rises, Threatened by Uncertainty on FX Market (2013-01-04)