The currency of China marked losses against the world's reserve currency on Thursday after the national statistics office released data noting June export data was underwhelming, according to Bloomberg.
The pace of the recovery of the globe's second-largest economy again came under scrutiny as representatives of the Asian nation and the U.S. are convening the Strategic and Economic Dialogue. June international sales rose 7.2 percent as compared to year-over-year figures. Analysts and economists polled by the news source said the median estimate would push past an increase of 10 percent.
"There's political pressure for yuan gains given the U.S.-China talks," co-head of research Banny Lam with Agricultural Bank of China International Securities Ltd. in Hong Kong told Bloomberg on Thursday. "China is likely to report another record foreign-exchange reserves, which means the PBOC will allow more appreciation as today's fixing suggests."
The yuan minimally lost 0.05 percent against the greenback on Thursday after rising 0.21 percent during the previous four days.
PBOC governor Zhou Xiaochuan said on Thursday at the summit that China will reduce intervention with the currency market, Reuters reports.
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