But the yuan's rate still remained low as concerns grow for the weakening economy. It is now situated lower than guidance established by the People's Bank of China. The rate established by the central bank was lower than Friday's rate.
"Demand for the U.S. dollar remains strong," a trader told the news source, also predicting that the Asian nation's monetary unit will "continue to face downward pressure … not only because of the dollar's strength in global markets but also because of concerns about the local economy."
Despite forecasts to increase 6.9 percent, exports gained 15.3 percent last month as compared to May 2012, the Chinese government said. Exports increased 4.9 percent in April 2012.
The nation hosting the globe's second-biggest economic system saw its banks loan approximately $125 billion in yuan in May, according to Reuters. The 793.2 billion yuan in new loan funds was more than the 720 billion yuan that was forecast.
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