Won Drops as China’s Manufacturing Slows

The South Korean won fell today on concerns that the economic slowdown in China may negatively affect the Asian region as a whole. As of now, the currency pared some of its losses.
Preliminary report from Markit Economics showed that China’s Purchasing Managers’ Index fell from 49.6 in February to 48.1 in March, the lowest level in 4 months. A number below 50 indicates contraction. The won pared its losses as South Korean exporters sold dollars to convert income.
USD/KRW rose from 1,129.6000 to 1,129.9500 as of 11:29 GMT today, while the daily maximum was 1,132.4500.

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