Chinese growth continues
The Chinese economy has grown 7.9% in the year to June, a figure revised upwards from 6.1% due to the 4 trillion yuan government stimulus package. Industrial production has also risen by 10.7% on the month, in line with GDP figures.
The latest results have led RBS to revise their recent growth forecasts, suggesting annual growth rates for China of between 7-8%. The positive news sent equity markets higher yesterday, triggering a US dollar sell-off as investors regained appetite for risk.
Exchange rates for the US dollar declined following the announcement, while currency rates for the pound and euro strengthened.
The rates quoted above are interbank rates. Client rates may vary according to the volume and timing of the trade.