The Chinese yuan advanced today, reaching the highest level in five months, on forecasts of manufacturing growth in the second biggest economy in the world.
Economists expect that both official and private manufacturing reports, released this week, will show readings above 50.0, which would indicate growth of the sector. It looks like the government’s efforts to reinvigorate the economy provided a result. There are also speculations that Russian companies will boost investing in China’s assets as the United States and Europe implement sanctions against Russia.
USD/CNY was down 0.03 percent to 6.1417 as of 22:37 GMT today, touching the low of 6.1366 — the weakest since March 13.
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