The Australian dollar has found further support today on the back of data out of China which has alieved fears of a crash landing for the world’s 2nd largest economy.
At 4.54pm (AEDT) the Aussie dollar was trading at US76.73c up from US76.64c in yesterday’s trading.
Quarterly GDP figures earlier today out of China hit the market at 1.8 percent as analysts had predicted while the yearly figure came in at 6.7 percent which was also on consensus.
The news sent the Aussie dollar higher as China is Australia’s training partner and the country is heavily reliant on the former for economic growth.
There had been fears that the Chinese economy was headed for rough times and that the governments predicted growth would be hard to achieve but for the time being things seem to be moving forward,
"Growth is no longer a major concern, as the property frenzy has topped the government's agenda," said Raymond Yeung, chief economist for Greater China at ANZ, in a note.
Some however believe that one should proceed with caution and that more time is needed to show the true state of the Chinese economy.
"As always, the GDP figures will be met with some skepticism, we think that the official figures, which failed to reflect much of the sharp slowdown in growth shown by our measurements last year, are now failing to acknowledge a recent pick-up in growth," noted Julian Evans-Pritchard, China economist at Capital Economics.
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