This Shows Why The Yuan Is Defying Economic Slowdown
By Ye Xie, Bloomberg markets live commentator and analyst
Three things we learned last week:
1. The yuan keeps rising even as the economy slows. China’s growth slipped below 5% in the third quarter. Excluding pandemic-hit 2020, that would be the slowest in more than three decades. Yet the yuan is surprisingly strong with the trade-weighted index hovering near the highest in almost six years. Friday’s FX settlement data show why the yuan is so resilient.