Today’s private report confirmed yesterday’s official data that showed an improvement of China’s manufacturing sector. That allowed the Chinese yuan to appreciate even as China’s central bank set the daily fixing weaker.
The Caixin China General Manufacturing PMI rose from 51.1 in July to 51.6 in August. The report said:
Chinaâs manufacturing sector remained in expansion territory in August, fuelled by the strongest increase in new business for just over three years. Firmer foreign demand was a key driver of new order growth, with export sales rising to the greatest extent in over seven years in August.
The People’s Bank of China set the yuan’s midpoint at 6.5909 per dollar today, up from yesterday’s close of 6.5889.
USD/CNY fell 0.46% to 6.5599 as of 11:36 GMT today.
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