Peso slightly up after China vows to keep strong growth momentum
By Michelle V. RemoPhilippine Daily Inquirer
MANILA, Philippines—The peso inched higher on the first trading day of the week to partially recover from the loss on Friday as China’s statement that it would focus on keeping its economic growth strong somewhat lifted sentiment on the global economy.
The local currency closed at 43.21 against the US dollar on Monday, up by 4 centavos from the four-month low of 43.25 on Friday.
Intraday high hit 43.08:$1, while intraday low settled at 43.245:$1. Volume of trade amounted to $889.7 million from $922.2 million previously.
The increase in the peso came following a statement from Chinese Premier Wen Jiabao that the Chinese government would focus on maintaining a strong growth momentum for the world’s second-biggest economy.
The statement came amid speculations China might slow down this year after years of robust growth rates.
Traders said the pronouncement from the Chinese premier has sparked hope that the global economy would not deteriorate this year even amid the prolonged debt crisis in the eurozone.
China, like the eurozone, has been a key export market for many emerging Asian exporting countries like the Philippines. Traders say that China’s economic performance somehow affects outlook on growth of emerging markets.
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Tags: Business , business and finance , currencies , economy , Foreign Exchange , Philippine peso , US dollar
