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Dollar, Yen Decline After China Economic Growth Beats Estimates

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Jan. 17 (Bloomberg) -- The dollar and the yen dropped as stocks gained after a report showed China’s fourth-quarter gross domestic product growth exceeded economist estimates.

The dollar slid 0.3 percent to $1.2708 per euro at 11:07 a.m. in Tokyo. The yen fell 0.3 percent to 97.59 per euro.

China’s economy grew 8.9 percent in the fourth quarter from a year earlier, the National Bureau of Statistics said. Economists surveyed by Bloomberg News had estimated a gain of 8.7 percent.

To contact the reporter on this story: Masaki Kondo in Singapore at mkondo3@bloomberg.net

To contact the editor responsible for this story: Benjamin Purvis at bpurvis@bloomberg.net