The Chinese yuan rose a little today, erasing previous losses, as the manufacturing sector unexpectedly expanded this month, reducing risk aversion caused by yesterday’s Federal Reserve’s policy minutes.
The HSBC Flash China Manufacturing Purchasing Managers’ Index rose from 47.7 in July to 50.1 in August. It was the first reading above 50.0 (which indicates expansion) since April. Analysts have predicted an increase to just 48.3.
USD/CNY fell from 6.1233 to 6.1216 as of 11:53 GMT today after rising to 6.1261 earlier.
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