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Peso drops vs the dollar on weaker-than-expected China GDP growth

Mount Equity Group Tokyo, Japan > News > Markets > Peso drops vs the dollar on weaker-than-expected China GDP growth

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THE PESO weakened versus the greenback on Monday due to cautious sentiment as China’s growth came in slower than expected.

The local unit closed at P50.84 per dollar on Monday, weaker by 12.9 centavos from its P50.711 finish on Friday, based on data from the Bankers Association of the Philippines.

The peso opened Monday’s session at P50.73 per dollar. Its weakest showing was at P50.89, while its intraday best was at P50.72 against the greenback.

Dollars traded slipped to $829.49 million on Monday from $957.74 million on Friday.

The peso depreciated from its previous close after the release of data showing China logged weak economic growth in the third quarter.

China’s gross domestic product (GDP) grew by 4.9% in the July-September quarter from a year earlier, its weakest pace since the third quarter of 2020, Reuters reported on Monday.

The world’s second-largest economy is grappling…

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