The Chinese yuan fell against the US dollar today even though both official and private estimates of nation’s manufacturing were rather good, showing than the sector was expanding with accelerating pace last month.
Data from both HSBC and China Federation of Logistics and Purchasing demonstrated that China’s Manufacturing Purchasing Managers’ Index was at 51.7 in July. The reading was above the neutral 50.0 level and the previous month’s reading, meaning that the sector is growing and the growth is accelerating. Yet the yuan still has not been able to outperform the dollar as traders were counting on strong US non-farm payrolls.
USD/CNY rose from 6.1742 to 6.1798 as of 12:32 GMT today.
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