In early Monday, CNY goes slightly higher. The previously announced Chinese second quarter GDP data shows that Chinese economic growth is easing off further.
The latest USD/CNY is at CNY ￥6.1388; last Friday the end closed at CNY ￥6.1375. Today's middle price is at CNY ￥6.1663,last Friday's at CNY ￥6.1631. Although USD drops in the oversea market, today's middle price is set high. The dollar index in Wall Street Journal was at 74.9596 on last Friday end, 75.0008 for Thursday. China's GDP of the second quarter has risen 7.5%, which is accordance with the expectation but is slightly lower than the first quarter's 7.9 %, and is also lower than the fourth quarter in 2012.
A trader of a foreign bank in Beijing said that the impetus of CNY appreciation was weakening. CNY now is waiting for the certainty of domestic economic trend and the decision maker's purpose. In offshore market, one-period USD/CNY non-deliverable forwards move up to CNY ￥6.2918/6.2850. and on last Friday ends at CNY ￥6.2858/6.2895.hsbc.co.uk.
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