THE Australian dollar is lower today despite a modest bounce from China's latest economic growth figures.
At 5pm, the local unit was trading at 90.87 US cents, down from 91.67 cents on Friday.
The Australian dollar briefly dropped below 90 US cents on Friday night, driven by incorrect reports that Chinese finance minister Lou Jiwei had said China's economic growth would be lower than expected.
It rose today after the official gross domestic growth figure came in at 7.5 per cent for the year to the June quarter.
The figure was in line with economist expectations, but was down from 7.7 per cent in the previous period.
CMC Markets foreign exchange dealer Tim Waterer said the Australian dollar had a moderate bounce on the back of the data because some investors had expected a worse result.
