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Chinese Yuan (CNH) Muted While China's Economic Recovery Slows

Chinese Yuan (CNH) Muted While China's Economic Recovery Slows

Justin McQueen, Analyst

USD/CNH Price Analysis & News

  • Chinese Data Reinforces Slowing Economic Recovery View
  • Yuan Muted as Traders Await FOMC

China’s Economic Recovery is Moderating

A broadly softer set of Chinese data than expected and thus reinforcing the view that China’s economic recovery moderating. Industrial production rose 8.8% in May, which had been slower than the prior month (9.8%) and expectations (9.0%), this had been a similar case for retail sales, which rose 12.4%, compared to 13.6% expected.

The China Stats Bureau noted that there are still unstable and uncertain factors in the global economic recovery, one of which has been the rise in raw material prices, while China has also looked to address the appreciation in the Yuan.

Economic Calendar

Chinese Yuan (CNH) Muted While China's Economic Recovery Slows

Source: DailyFX

Muted Reaction as Traders Await FOMC

The market reaction to the data had been relatively muted as market participants await the Federal Reserve meeting. For now, USD/CNH remains anchored around 6.4000 with the pair maintaining a 6.3700-6.4200 range.

Chinese Yuan Chart: Daily Time Frame

Chinese Yuan (CNH) Muted While China's Economic Recovery Slows

Source: Refinitiv

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.