Yuan Drops as Manufacturing Contracts

The Chinese yuan fell today as China’s manufacturing contracted last month, adding to concerns that the nation’s economy is going to experience slower growth.

The HSBC China Manufacturing Purchasing Managers’ Index fell from 50.4 in April to 49.2 in May. The report said:

The downward revision of the final HSBC China Manufacturing PMI suggests a marginal weakening of manufacturing activities towards the end of May, thanks to deteriorating domestic demand conditions.

The decline was just another sign of slowing growth in China, adding to concerns of traders that were already worried about the situation in other parts of the world (particularly Europe).

USD/CNY rose from 6.1351 to 6.1360 as of 14:07 GMT.

If you have any questions, comments or opinions regarding the Chinese Yuan,
feel free to post them using the commentary form below.

Be First to Comment

Leave a Reply

Your email address will not be published. Required fields are marked *