Yuan Hits a 16-Month High After Chinese Data

The Chinese yuan jumped to its highest level in 16 months against the dollar on Tuesday, September 15th after Chinese data indicated an economic recovery after isolation measures due to the Corona pandemic, while the US dollar fell as risk appetite improved. Chinese industrial production accelerated and retail sales grew for the first time this year, beating analysts’ expectations.

The yuan rose both abroad and at home. The yuan hit its highest level in 16 months at 6.7725 against the US dollar, before falling slightly. The US dollar fell, but it recovered part of the losses it incurred during the night in early trade in London, and the dollar index remained down 0.1% at 92.946 by 07:18 GMT.

The Australian dollar rose after the country’s central bank meeting showed that there was no intention of cutting interest rates, which reached a record low. The Australian currency was 0.7323, up 0.5% during the session. Australia had its first day without registering COVID-19 deaths in two months.

The New Zealand dollar rose 0.3% against the US dollar, while the Canadian dollar rose 0.2% against its US counterpart. The euro rose 0.2% against the US currency to $ 1.8191.