The Chinese yuan advanced today after a report showed that China’s manufacturing sector slowed less than was predicted by analysts. Yet there was another, less optimistic, report.
China Federation of Logistics and Purchasing reported that the Purchasing Managers’ Index decreased from 50.4 in May to 50.2 in June. The value was above analysts’ expectations and still indicated expansion, albeit with slower pace. The report from HSBC Holdings and Markit Economics was less optimistic, showing that the PMI fell from 48.4 to 48.2, which means decline. The Peopleâs Bank of China raised its reference rate 0.16 percent to 6.3146 per dollar.
USD/CNY fell from 6.3553 to 6.3496 as of 10:34 GMT today.
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