China’s renminbi edges up as first quarter economic expansion surpasses forecasts
Yuan Strengthens Slightly Following Strong Q1 Economic Data
The Chinese yuan made modest gains against the US dollar on Thursday, buoyed by China’s first-quarter GDP growth of 5%, which surpassed analysts’ forecasts. Experts noted that while the upbeat economic report provided some support, lingering uncertainties about the broader economic outlook and a lower official yuan midpoint limited further appreciation.
By 0345 GMT, the onshore yuan had risen 0.02% to 6.8174 per dollar, fluctuating between 6.8169 and 6.8199 during the session. Official figures revealed that China’s economy expanded by 5% year-on-year in the first quarter, fueled by robust export activity and supportive government policies. However, analysts cautioned that the ongoing conflict involving the US, Israel, and Iran could pose new challenges for demand and economic growth.
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