Peso dips on news of China’s slower pace of growth

By Michelle V. Remo

Philippine Daily Inquirer

6:39 pm | Monday, May 27th, 2013

MANILA, Philippines — The peso slightly dropped on the first trading day of the week amid concerns China might be headed for a slower growth.

The local currency closed at 41.615 against the US dollar, down by 2 centavos from Friday’s finish of 41.595:$1.

Intraday high hit 41.60:$1, while intraday low settled at 41.69:$1.

Volume of trade amounted to $659.685 million from $742.1 million.

The depreciation of the peso came amid reports China might allow its economy to slow down a bit this year to help prevent an overheating economy.

Economists said such a scenario would somewhat dampen export earnings of neighboring countries like the Philippines, which has China as one of its major export markets.

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Tags: Business , business and finance , China’s economy , currencies , economy , Foreign Exchange , Philippine peso , US dollar

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