China’s Growth Boosts Singapore Dollar

The Singapore dollar rose today on the speculation that the accelerating China’s economic growth would attract the investors to Asia, increasing the appeal of the region’s currencies.

The Chinese gross domestic product grew 9.6 percent in the third quarter of 2010 from a year earlier. Consumer prices went up 3.6 percent last month, the fastest growth in 23 months. The economic growth may be subdued a little by the interest rates, which were increased this week.

USD/SGD fell from 1.3028 to 1.2979 as of 11:47 GMT today, following the decline to 1.2959.

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