Oct. 21, 2010 – The Chinese economy took a slight step back in the third quarter as the country’s gross domestic product (GDP) fell to 9.6 percent, down from 10.3 percent in the second quarter.
Although the numbers are slightly down, the growth far outpaces the GDPs of China’s trading partners in western countries. The IMF forecasts China’s growth to be 10.5 percent this year, almost 6 percentage points higher than the organization’s prediction for worldwide economic growth.
The continued growth of China’s GDP may give the country some room to appreciate its currency, the yuan. China is under pressure from the west, especially the United States, to loosen its grip on the currency.
For more news on China’s yuan, visit Forex Trading News Today. Located at http://forex.einnews.com/china, Forex Trading News Today is a currency news monitoring service from EIN News.