Yuan Weaker Even as Manufacturing Sector Expands

The Chinese yuan weakened today even after the data showed an expansion of the manufacturing sector this month. Other Asian currencies also slipped, erasing previous gains.
China’s manufacturing Purchasing Managers’ Index rose from 50.5 in November to 50.9 in December, according to the flash estimate. That was the highest level in fourteen months. Yet the yuan fell, spurring talks that the government intervened to weaken the currency.
USD/CNY rose from 6.2465 to 6.2527 as of 11:50 GMT today, erasing the previous drop to 6.2336.

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