China’s economic growth in the third quarter hit 9.6%, down from 10.3% in the second quarter, according to figures released Thursday by its National Bureau of Statistics. Economists, according to a report in the International Business Times, expected a growth rate of 9.5%. At the same time, consumer prices rose 3.6% in September from the previous year.
China had surprised everyone with an interest rate increase on Tuesday, the first in three years, from 5.31% to 5.56%. It also increased the rate on deposits from 2.25% to 2.5%. This was seen as a move to ward off excessive liquidity and inflation.
However, in a report from Reuters, there was speculation that China was pretty much where it wanted to be at present and any further currency moves might be a hard sell. The G20 finance ministers’ meeting, scheduled in South Korea on Friday, was expected to be the scene of a push by the U.S. and other nations for a stronger yuan.