The Chinese yuan gained today after macroeconomic indicators released in China during the current trading session showed stabilization, halting slowdown of growth. That made the currency more attractive to investors.
China’s manufacturing Purchasing Mangers’ Index stayed at 51.2 in May, unchanged from April, whereas experts had predicted a drop to 51.0. Furthermore, the services PMI rose from 54.0 to 54.5. Analysts are divided over whether this means a long-term stabilization of economic growth or just a temporary pause before slowdown resumes.
USD/CNY fell 0.63% to 6.8120 as of 10:46 GMT today.
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