Chinese Yuan Gains After PMIs Rise Unexpectedly

The Chinese yuan rose against the dollar today despite the worsening market sentiment. The possible reason for that was the unexpected increase of the official Purchasing Managers’ Indices.
China’s official manufacturing PMI rose from 51.2 in July to 51.3 in August instead of falling to 51.0 as analysts had predicted. The services PMI demonstrated an increase from 54.0 to 54.2 versus the predicted drop to 53.8. Still, the investors were nervous as the United States were planning additional $200 billion tariffs on Chinese goods.
USD/CNY fell 0.15% to 6.8342 as of 9:57 GMT today.

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