Yuan Weaker Even as Manufacturing Sector Expands
The Chinese yuan weakened today even after the data showed an expansion of the manufacturing sector this month. Other Asian currencies also slipped, erasing previous gains.
China’s manufacturing Purchasing Managers’ Index rose from 50.5 in November to 50.9 in December, according to the flash estimate. That was the highest level in fourteen months. Yet the yuan fell, spurring talks that the government intervened to weaken the currency.
USD/CNY rose from 6.2465 to 6.2527 as of 11:50 GMT today, erasing the previous drop to 6.2336.
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Earlier News About the Chinese Yuan:
- Yuan Advances as China's Manufacturing Grows (2012-11-22)
- Yuan Weakens After Change of China's Leader (2012-11-15)
- Chinese Yuan Reaches High Not Seen for Almost 19 Years (2012-10-30)
- Yuan Rises as Manufacturing PMI Improves (2012-10-24)
- Yuan Rises as PBoC Sets Fixing Higher (2012-10-17)