Chinese yuan sinks on mixed GDP, Asia FX rattled by recession fears.
Most Asian currencies fell on Tuesday amid renewed fears of a global recession this year, with the yuan among the worst performers as data showed Chinese economic growth was pummeled by COVID lockdowns in 2022.
The yuan fell 0.4% to 6.7611, coming off a near five-month high after data showed that the Chinese economy grew at a substantially slower pace in 2022 than the prior year. The trend was driven largely by on-and-off anti-COVID lockdowns.
But the economy grew at a better-than-expected pace during the fourth quarter, with industrial production and retail sales data for December also beating expectations as the country began pivoting away from its strict zero-COVID policy.
