Chinese Yuan Slips, Heads for Best Month Since 2005

The Chinese yuan slipped against the US dollar today after mixed macroeconomic data. Yet the currency was still on track for the best month in more than a decade.

The People’s Bank of China set its official yuan midpoint to 6.6010 per dollar, 0.14% firmer than the previous day’s fixing of 6.6102. The currency has gained about 0.8% against the dollar so far this week and around 2% over the month, heading for the best month since July 2005.

As for economic data, the official manufacturing Producer Price Index rose from 51.4 to 51.7 in August, while experts had anticipated it to stay little changed. At the same time, the services index fell from 54.5 to 53.4. The services sector accounts for more than a half of China’s economy.

USD/CNY ticked up 0.08% to 6.5992 as of 12:55 GMT today.

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