The Chinese yuan strengthened against the U.S. dollar in the Asian session on Tuesday.
Data
from the Chinese government showed that China's gross domestic product expanded 7.3 percent on year in the third quarter of 2014, topping expectations for an increase of 7.2 percent but slowing from 7.5 percent in the second quarter.
On an annualized quarterly basis, GDP was up 1.9 percent - beating forecasts for 1.8 percent but down from 2.0 percent in the previous three months.
The government also said that industrial production climbed 8.0 percent on year in September, beating expectations for 7.5 percent and up from 6.9 percent in August.
Retail sales climbed an annual 11.6 percent, just shy of forecasts for 11.7 percent and down from 11.9 percent in the previous three months.
Fixed asset investment jumped 16.1 percent for the first nine months of the year, also missing expectations for 16.3 percent and down from 16.5 percent in the three months prior. Against the greenback, the yuan rose to a 7-month high of 6.1210 from an early low of 6.1307. At yesterday's close, the yuan was trading at 6.1238.
If the yuan extends its uptrend, it is likely to find resistance around 6.11 area.
The People Bank of China set today's central parity rate for yuan at 6.1410 per dollar, compared to Monday's reference rate of 6.1435. The central bank sets the reference rate every morning and allows the currency to move upto 2 percent from that level.
original source: http://www.rttnews.com/2400048/chinese-yuan-rises-to-7-month-high-against-u-s-dollar.aspx