Peso rises on reports of growing Chinese exports, imports

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.