Forex News

Chinese Yuan-growth Leader on Asia FX

2023.03.03 03:01

Chinese Yuan-growth Leader on Asia FX
Chinese Yuan-growth Leader on Asia FX

Chinese Yuan-growth Leader on Asia FX

By Tiffany Smith

Budrigannews.com – The Chinese yuan was among the best performers this week on a string of strong economic readings, despite growing concerns about the direction of U.S. monetary policy on Friday.

The was expected to finish the week nearly 0.8% higher after gaining 1%. 

On Friday, a private survey revealed that Chinese growth in February accelerated beyond expectations. This week, government data showed that China’s growth was at its fastest rate in over a decade, confirming the country’s recovery from COVID.

The and are both expected to finish the week higher as a result of the yuan’s gains spreading to other currencies that are exposed to China. 

The prospects for Asian economies could improve this year if China’s recovery is a positive sign for nations that have a significant trade relationship with the Asian superpower. The positive data on Friday also came before a meeting of high-ranking Chinese officials that starts on Saturday.

However, the majority of other Asian currencies remained within narrow ranges on Friday as they surged overnight following a weekly decline that indicated job market resilience. On Friday, the dollar also held steady against a basket of currencies, with and both falling 1%.

The dollar was destined for modest weekly losses.

With Atlanta Fed President Raphael Bostic backing a 25 basis point hike at the March meeting, overnight comments from Federal Reserve officials provided some clarity on where U.S. interest rates could peak this year.

However, officials also cautioned that the Fed’s stance will be heavily influenced by data, which, given that the reading was higher than anticipated in January, could keep interest rates higher for a longer period of time. 

As data revealed weakening economic trends in the country, the gained 0.1 percent and was suffering some losses for the week. Friday’s data showed a decrease from a record-high in February, but it remained pinned at relatively high levels.

This week, data showed that the grew 7% in 2022, far outperforming its Asian peers. As a result, the was expected to rise 0.8 percent this week. Indian growth in February was also higher than anticipated, indicating that the South Asian economy remains resilient.

Chinese Yuan-growth Leader on Asia FX

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 103,363.69 3.92%
ethereum
Ethereum (ETH) $ 2,349.87 18.76%
tether
Tether (USDT) $ 1.00 0.02%
xrp
XRP (XRP) $ 2.38 7.77%
bnb
BNB (BNB) $ 639.78 3.90%
solana
Solana (SOL) $ 171.32 10.64%
usd-coin
USDC (USDC) $ 1.00 0.00%
dogecoin
Dogecoin (DOGE) $ 0.207228 12.19%
cardano
Cardano (ADA) $ 0.78744 9.30%
tron
TRON (TRX) $ 0.263868 5.47%
staked-ether
Lido Staked Ether (STETH) $ 2,351.04 19.04%
sui
Sui (SUI) $ 3.99 5.33%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 103,638.77 4.35%
chainlink
Chainlink (LINK) $ 16.20 8.94%
wrapped-steth
Wrapped stETH (WSTETH) $ 2,830.79 19.73%
avalanche-2
Avalanche (AVAX) $ 23.38 12.78%
stellar
Stellar (XLM) $ 0.300181 9.49%
shiba-inu
Shiba Inu (SHIB) $ 0.000015 12.49%
hedera-hashgraph
Hedera (HBAR) $ 0.201618 7.91%
hyperliquid
Hyperliquid (HYPE) $ 25.34 18.29%
the-open-network
Toncoin (TON) $ 3.28 5.00%
bitcoin-cash
Bitcoin Cash (BCH) $ 411.05 1.66%
leo-token
LEO Token (LEO) $ 8.73 0.36%
usds
USDS (USDS) $ 1.00 0.00%
litecoin
Litecoin (LTC) $ 99.38 7.98%
polkadot
Polkadot (DOT) $ 4.73 12.00%
weth
WETH (WETH) $ 2,351.83 18.95%
monero
Monero (XMR) $ 302.89 3.43%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,506.03 18.94%
pepe
Pepe (PEPE) $ 0.000013 33.61%
pi-network
Pi Network (PI) $ 0.748667 19.89%
bitget-token
Bitget Token (BGB) $ 4.51 3.67%
binance-bridged-usdt-bnb-smart-chain
Binance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 1.00 0.03%
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 103,445.72 3.98%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.08%
whitebit
WhiteBIT Coin (WBT) $ 30.26 3.43%
uniswap
Uniswap (UNI) $ 6.37 21.80%
bittensor
Bittensor (TAO) $ 433.38 8.20%
near
NEAR Protocol (NEAR) $ 2.90 15.67%
aptos
Aptos (APT) $ 5.66 11.44%
dai
Dai (DAI) $ 1.00 0.03%
ondo-finance
Ondo (ONDO) $ 1.03 10.99%
okb
OKB (OKB) $ 54.06 3.96%
aave
Aave (AAVE) $ 209.84 11.81%
susds
sUSDS (SUSDS) $ 1.05 0.00%
crypto-com-chain
Cronos (CRO) $ 0.102301 7.71%
ethereum-classic
Ethereum Classic (ETC) $ 19.14 10.58%
official-trump
Official Trump (TRUMP) $ 14.45 17.86%
internet-computer
Internet Computer (ICP) $ 5.37 10.47%
blackrock-usd-institutional-digital-liquidity-fund
BlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00 0.00%