EURCNY Euro vs Chinese Yuan Renminbi

Friday during Asian deals, the Chinese yuan advanced to a 2-day high against its US counterpart as slew of economic reports released from China indicated a strengthening recovery in the world's third-biggest economy.

Industrial production was up 12.3 percent on year, topping forecasts for an 11.9 percent annual increase after the 10.8 percent gain a month earlier.

Urban fixed asset investment for the period of January to August was up 33 percent on year beating economists' expectations. That was more than a 32.9 percent gain through July and the 32.7 percent median estimate in the survey of economists.

Consumer prices in China were down 1.2 percent on year in August, the National Bureau of Statistics said today - slightly below forecasts for a 1.3 percent decline after the 1.8 percent contraction in July.

Producer prices declined 7.9 percent on year versus expectations for a 7.8 percent annual contraction after the 8.2 percent fall on year in the previous month.

Retail sales also were roughly in line, gaining 15.4 percent on year compared to forecasts for a 15.3 percent increase following the 15 percent gain in July.

Chinese shares rose today after better economic reports. Yesterday, China's Premier Wen Jiabao said the government does not have any plan to withdraw stimulus measures now as it wants to see stable and strong economic growth.

In a speech at the World Economic Forum in Dalian, a city in China, Wen said China's economic recovery is unstable, unbalanced and not yet solid.

"We cannot and will not change the direction of our policies at such an inappropriate time," he said.

The Chinese yuan traded higher against its US counterpart during Friday's early Asian trading. The yuan is now trading at 6.8287 versus the buck, and if it rises further 6.82 is seen as the next target level. At Thursday's New York session close, the pair was quoted at 6.8302.

The People's Bank of China has set today's central parity rate for the dollar-yuan pair at 6.8282. The pair is allowed to move 5% above or below the target rate.

From U.S, the Department of Commerce will release its import and export price reports for August at 8:30 am ET.

At 10:00 am ET, the Commerce Department is due to release its wholesale inventories report. Economists expect wholesale inventories at the end of July to show a 0.1% decline.

The preliminary reading of the University of Michigan's consumer sentiment index for September is due to be released at the same time. The report is expected to show that the consumer sentiment index rose to 67.5 in the month.

In early trading on Friday, the Chinese yuan slid to its lowest level since December 18, 2008 against the euro. The yuan touched 9.9763, with 10.05 seen as the next downside target level. At Thursday's New York session close, the pair was quoted at 9.9603.

The People's Bank of China has set today's central parity rate for the euro-yuan pair at 9.8027.

In the European session, Italian July industrial production and European central bank's monthly report are expected.

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