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Australian Dollar Was Higher Late in Local Trade

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Core Tip: The Australian dollar was higher late in local trade after China's economy grew more quickly than expected in the fourth quarter, helping cement views that the world's second-largest econom

The Australian dollar was higher late in local trade after China's economy grew more quickly than expected in the fourth quarter, helping cement views that the world's second-largest economy is recovering from a more than two-year slowdown.

The Chinese economy grew by 7.9 per cent from a year earlier in the fourth quarter, China's National Bureau of Statistics said today, beating expectations for a 7.8 per cent rise.

Economists said the healthy figures bode well for Australia's industrial commodity exports such as iron-ore and coal, and should be enough to keep official interest rates on hold here next month. China is resource-rich Australia's biggest trading partner.

"The upswing in the number one trading partner, along with calmer global financial markets, allows the Reserve Bank of Australia to sit comfortably for at least the next month or so," said Annette Beacher, head of Asia-Pacific research at TD Securities.

 
 
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