The Chinese yuan on Wednesday pushed to its top level since 1994 against the world's reserve currency, benefiting from economic data released by the Asian nation stating exports exceeded forecasts issued by analysts, Bloomberg reports.
On Tuesday and Wednesday, the renminbi marked its top 48-hour gain in 15 months after a report indicated international sales in April shot up 14.7 percent as compared to the same month of 2012. The median estimate of Bloomberg-surveyed economists amounted to gains of 9.2 percent, which was lower than figures released by China. During the month prior exports developed 10 percent.
But Reuters reports the stronger economic news has some wondering if the nation's weaknesses are behind the scenes and not overt.
"I have no strong conviction whether the data reflects reality," chief China economist Zhiwei Zhang with Nomura in Hong Kong told Reuters on Wednesday.
Imports to China last month also were strong, according to Reuters. They rose 16.8 percent.
Also propelling the Chinese yuan higher on Wednesday was action by the People's Bank of China, which pushed up the daily reference rate 0.17 percent.
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