Yuan for­wards snap los­ing streak af­ter bet­ter out­look

China Daily (Canada) - - BUSINESS -

Yuan for­wards rose for the first time in three days on Thurs­day as op­ti­mism about a re­cov­ery in the world’s sec­ond­largest econ­omy gath­ered mo­men­tum. China’s trade sur­plus swelled to a record $47.3 bil­lion in July as ex­ports grew at the fastest pace in 15 months, while man­u­fac­tur­ing ex­panded the most in more than two years, ac­cord­ing to of­fi­cial data re­leased over the past two weeks. The Peo­ple’s Bank of China cut the yuan’s ref­er­ence rate by 0.02 per­cent to 6.1545 per dol­lar on Thurs­day. The cur­rency has risen 1.8 per­cent from this year’s low of 6.2676 on April 30.

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