The Chinese yuan fell as several important economic indicators released today were worse than previous reports, fueling concerns about slowing growth of the Asian economy.
According to the National Bureau of Statistics of China, growth of China’s gross domestic product slowed from 7.8 in the third quarter of 2013 to 7.7 percent in the fourth quarter. Expansion of industrial production decreased to 9.7 percent in December from 10.0 percent a month ago. Retail sales increased 13.6 percent, less than 13.7 percent in November. All values are given on an annual basis. The change was not significant, but it was negative and was enough to spur risk aversion on the Forex market. A manufacturing report will be released later this week and it may also have a tremendous impact on the market.
USD/CNY was up from 6.0501 to 6.0534 as of 14:29 GMT today.
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