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Dollar Strengthens, Yuan Volatile Following Chinese Rate Cut and Data Release

Holly by Holly
15/08/2023
in YEN exchange rate, News, USD
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The dollar has surged in response to the release of disappointing Chinese economic indicators, which have fueled worries about global growth. This development has sparked demand for the safe-haven US dollar.

Ahead of the publication of the Chinese economic data, the People’s Bank of China (PBoC) made a surprising move by opting to reduce key interest rates for the second time in a span of three months.

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Analysts at ING noted, “The market was anticipating the PBoC to delay further easing until September, and today’s rate cuts suggest that concerns regarding the macroeconomy are intensifying.”

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These concerns are warranted, considering that industrial output for July expanded by 3.7% compared to the previous year, marking a slowdown from June’s pace of 4.4%. Additionally, July’s retail sales increased by 2.5%, a decrease from the 3.1% rise observed in the preceding month. These figures amplify worries about the recovery of the world’s second-largest economy following the pandemic.

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In the midst of volatile trading, the USD/CNY currency pair experienced a 0.4% decline, reaching 7.2336. Earlier, it had surged as high as 7.3115, marking its first time reaching such levels since November 4. Notably, major state-owned banks reportedly engaged in selling dollars to lend support to the Chinese currency.

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