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The analysts were skeptical amid sluggish consumer demand for Chinas goods in the EU and the USA; however, they projected the growth of the countrys trade balance in April.
Nevertheless, Chinas foreign trade surplus exceeded the median forecasts of $15.5. The indicator soared to $18.2 billion.
The General Administration of Customs reported that the exports volume surged by 14.7% consensus 9.2%. Imports increased 16.8% against expected 11.6%, complied with the received data. It should be noted that statistics for the last period cast doubts over Chinas GDP acceleration. Meanwhile, the latest information indicates a promising outlook for economic growth.
Thus, driven by the disclosed data, investors have increased appetite for the Chinese currency. As the result, USD/CHY hit the maximum of 6 yuan and 14.72 fen.
The experts confirm that it is not the limit for the Chinese currency. In the long term, the yuan will strengthen even more despite the discontent and suspects of the currency war between China and the USA.
