China published its latest trade balance figures this morning, revealing large growth in the nation’s trade surplus. Trade balance data tends to have a heavy impact on currency values since export demand is directly linked with currency demand. China’s yuan (CNY) is therefore expected to undergo upward fluctuations this week, though world news may counteract any positive benefits of such valuation.
The data, released by the Customs General Administration of China (CGAC), showed solid growth from last month’s reading of a 22.3B surplus to this month’s 31.5B surplus. Forecasts had called for only moderate growth towards 27.3B. The news, as mentioned above, should help the CNY grow in this week’s forex market.
Read more forex trading news on our forex blog.
