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SHANGHAI (Reuters) - The yuan weakened on Monday, pulling back from early gains after new data showed China's economy grew at a slightly slower-than-expected pace in the third quarter, but traders and analysts said broader economic trends continued to support the currency.
China's recovery accelerated in the third quarter, but overall gross domestic product growth of 4.9% missed forecasts,
highlighting continued challenges facing the world's second-largest economy as it emerges from the coronavirus
crisis.
Traders said they saw some dollar buying when the data came in below forecast, but expectations of a stable, strengthening
yuan limited the Chinese currency's fall. "There was some dollar buying front-running the data release, but the data had a small impact on the exchange rate." said a trader at a Chinese bank. "I expect the yuan to continue to trade in a range. There's still support for USD/CNY at the March 2019 low."
Read more from the original article: https://www.reuters.com/articl...
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