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.

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