{"id":37963,"date":"2023-07-20T00:15:02","date_gmt":"2023-07-20T04:15:02","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/forex\/asia-fx-rises-chinese-yuan-surges-amid-intervention-reports\/"},"modified":"2023-07-20T00:15:03","modified_gmt":"2023-07-20T04:15:03","slug":"asia-fx-rises-chinese-yuan-surges-amid-intervention-reports","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=37963","title":{"rendered":"Asia FX rises, Chinese yuan surges amid intervention reports"},"content":{"rendered":"
\n

Investing.com– Most Asian currencies rose on Thursday as a rebound in the dollar paused, while the Chinese yuan shot up amid reports of government intervention to support the battered currency.<\/p>\n

The surged 0.7%, with a stating that China\u2019s biggest state-owned banks were seen selling dollars for yuan in the offshore spot market in early trade.\u00a0<\/p>\n

The People\u2019s Bank of China also kept its benchmark on hold on Thursday, and loosened a cross-border financing rule that is expected to ease pressure on the yuan.<\/p>\n

The currency was among the best performing Asian units for the day, with the also strengthening about 0.7% to the dollar. Reported intervention by the Chinese government comes as signs of slowing economic growth in China weighed on the yuan this week.<\/p>\n

Data released on Monday showed that barely grew in the second quarter.\u00a0<\/p>\n

Concerns over China had pulled most Asian currencies lower this week, even as the government vowed more fiscal support for a slowing economic recovery. But Asian currencies recovered some lost ground on Thursday.\u00a0<\/p>\n

The rose 0.3% after coming close to hitting the 140 level against the dollar in overnight trade. The currency was also supported by data showing that Japan logged an unexpected in June.\u00a0<\/p>\n

The rose 0.2%, while the rose 0.1%.<\/p>\n

Australian dollar rallies as labor data cheers RBA hawks\u00a0<\/h2>\n

The surged 0.8% on Thursday, reversing three sessions of losses as data showed the country\u2019s grew more than expected in June.<\/p>\n

Strength in the labor market factors into higher , which gives the Reserve Bank more cause and space to keep raising interest rates- a scenario that bodes well for the Australian currency.<\/p>\n

While the bank had kept rates steady, the released this week showed that it was still considering more rate hikes, given sticky inflation levels and a robust jobs market.<\/p>\n

U.S. dollar steadies, Fed awaited\u00a0<\/h2>\n

The U.S. dollar retreated slightly in Asian trade after marking a strong rebound in the past three sessions. The and fell about 0.2% each.<\/p>\n

Traders began building positions in the dollar ahead of a , with the central bank widely expected to raise rates by 25 basis points.\u00a0<\/p>\n

But focus remains largely on whether the Fed will signal an extended pause in its rate hike cycle, given recent softness in U.S. inflation.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Investing.com– Most Asian currencies rose on Thursday as a rebound in the dollar paused, while the Chinese yuan shot up amid reports of government intervention to support the battered currency. The surged 0.7%, with a stating that China\u2019s biggest state-owned banks were seen selling dollars for yuan in the offshore spot market in early trade.\u00a0 […]<\/p>\n","protected":false},"author":1,"featured_media":6089,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[244],"tags":[83],"class_list":["post-37963","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-forex","tag-featured"],"yoast_head":"\nAsia FX rises, Chinese yuan surges amid intervention reports | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com-- Most Asian currencies rose on Thursday as a rebound in the dollar paused, while the Chinese yuan shot up amid reports of government\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=37963\" 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