Chinese Yuan Strengthens as Manufacturing Growth Accelerates

The Chinese yuan edged higher against the US dollar after a private report showed that expansions of the nation’s manufacturing sector accelerated last month.

The Caixin China General Manufacturing PMI rose from 50.4 in June to 51.1 in July. It showed the fastest pace of growth in four months. Released yesterday, the official manufacturing Purchasing Managers’ Index slipped from 51.7 in June to 51.4 in July.

USD/CNY slid 0.1% to 6.72 as of 11:49 GMT today.

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