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9 December 2022 | Other

Chinese yuan strengthened to a 3-month-high, but concerns rise over weak data

GBPUSD
EURGBP
GBPAUD
GBPCAD
GBPJPY

At the beginning of Friday, yuan reached a three-week-high. Investors hope for recovery and do not pay attention to weak data because Chinese authorities remove anti-COVID restrictions. 

On Thursday, Beijing reported about low factory-gate and consumer prices in November. It shows that sharp increase in the coronavirus incidence and negative sentiment of consumers are still negatively influencing the economy of the Celestial Empire.

According to analysts, the Friday data can give the central bank the grounds for additional measures to ease monetary policy. They believe that the easing of tough anti-pandemic restrictions slowing down the country's economy could contribute to the stability of the national currency.



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