Peso rises on reports of growing Chinese exports, imports

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AFP FILE PHOTO

MANILA, Philippines — The peso inched up on Wednesday as reports of growing Chinese exports and imports lifted outlook on emerging economies.

The local currency closed at 40.835 against the US dollar, up by 3.5 centavos from Tuesday’s finish of 40.87:$1.

Intraday high hit 40.81:$1, while intraday low settled at 40.86:$.

Volume of trade amounted to $944.15 million from $872.45 million previously.

Reports released Wednesday said China’s exports grew 14.7 percent while imports rose by 16.8 percent in April, beating most projections.

Analysts said favorable trade data for China indicated that the world’s second-largest economy could avoid a slowdown, which would be an advantage also for its trade partners like the Philippines.

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  • parefrank

    And again. China does better, or USA does better, or EU does better, and the peso will rise even it has nothing to do with these economies. There is not goods for a single centavo additional exported and a higher peso anyway will just lower exports and tourism.
    A funny explanation of a plain manipulation. Not to mention that every other economy in the world will only gets booming with a lower exchange rate, only the RP super economists push it up by making RP products and services more expensive.

    • Chrisnadal19

      a good explanation from trying hard economist

  • Bisdak69

    paano nato mga kapatid kung ofw ;-(…

  • mave

    Paktay naman OFW…

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