The Chinese yuan gained on the US dollar today after China’s services sector showed an accelerating rate of growth last month.
The Caixin China Services PMI climbed to 52.1 in August from 51.6 in July. That was a pleasant surprise to markets as forecasts did not promise any significant change to the index. It is to be seen, though, whether China’s services sector can maintain its good performance in the long run if the US-China trade war continues.
USD/CNY dropped from 7.1747 to 7.1477 as of 14:08 GMT today.
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