KLSE (MYR): PBBANK (1295)
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masterus
3,597 posts
Posted by masterus > 2020-09-15 14:44 | Report Abuse
China’s currency hits 16-month high on retail spending boost
China’s currency hit its highest level in more than a year as retail sales rose for the first time in 2020, underscoring the country’s economic recovery from the coronavirus pandemic.
The onshore-traded renminbi strengthened as much as 0.4 per cent to Rmb6.7857 per US dollar on Tuesday, its firmest level since May 2019. That coincided with official data that showed retail spending increased 0.5 per cent in August compared to a year ago. The less tightly regulated offshore-traded renminbi strengthened 0.3 per cent, past Rmb6.8 per dollar.