China’s yuan strengthened to its highest level in more than four years against the US dollar on Monday, supported by stronger-than-expected economic growth in the third quarter and improving retail sales that eased pressure on Beijing to introduce more aggressive stimulus measures, according to a report by Reuters.
China’s economy grew 4.5% year-on-year in the July-September quarter, exceeding market expectations, while retail sales accelerated in September. The data indicated improving economic momentum towards the end of the quarter, reducing the immediate need for additional policy support to achieve the government’s annual growth target.
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