Wednesday, September 23, 2020
Martin Hennecke

Yuan hits 16-month high amid recovery
<p>The onshore and offshore yuan jumped to their highest levels in 16 months versus the US dollar yesterday after data pointed to an economic recovery in China following several coronavirus-linked shutdowns.</p><p>Meanwhile, the US dollar fell amid an improvement in risk appetite while Nomura estimated that the yuan would rise above the 6.65-per-dollar level if Democrat contender Joe Biden won the US presidential elections in November.</p><p>The offshore yuan hit a 16-month high of 6.7725 to the US dollar before easing slightly while the onshore yuan rose 460 basis points to 6.7775 per US dollar.</p><p>China&#39;s economic recovery from Covid-19 accelerated, spurred by a rebound in consumption as virus restrictions eased and by larger-than-expected gains in industrial output.</p><p>Retail sales rose for the first time this year in August and up 0.5 percent from a year earlier, while industrial production grew 5.6 percent against a forecast of 5.1 percent, the National Bureau of Statistics said.</p><p>In the first eight months, retail sales fell 8.6 percent, industrial production rose 0.4 percent, and fixed-asset investment was 0.3 percent lower than the same period in 2019.</p><p>Fu Linghui, at the National Bureau of Statistics, said China&#39;s foreign trade and investment performance had been better than expected.</p><p>Meanwhile, the unemployment rate in urban areas stood at 5.6 percent in August, 0.1 percentage points lower than that of July.</p><p>On the tourism front, domestic tourism revenue was expected to fall 52 percent to 2.76 trillion yuan (HK$3.15 trillion) in 2020 as the industry continues to reel from the coronavirus, according to the China Tourism Academy.</p><p>In other news, real estate investment rose at its fastest pace in 16 months in August, supported by robust sales, as the property market helped underpin the recovery.</p><p>&nbsp;</p>

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