Yuan Falls as PMI Misses Projections
The Chinese yuan fell today even as the nation’s manufacturing expanded with faster pace last month. The data still missed projections and perhaps it is a reason for the currency’s weakness.
According to the official data, China’s manufacturing Purchasing Managers’ Index rose from 50.1 in February to 50.9 in March. The projected growth was at 51.6. The separate report from Markit/HSBC showed that the PMI reached exactly this value (51.6), rising from the February’s 50.4. The yuan fell despite the good data.
USD/CNY advanced from 6.2109 to 6.2155 as of 14:12 GMT today after reaching the daily low of 6.2077.
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Earlier News About the Chinese Yuan:
- Yuan Rises with Help of PBoC (2013-03-29)
- Unexpected Chinese Trade Surplus Makes Yuan Stronger (2013-03-08)
- Yuan Fluctuates as Bernanke Reduces Fear (2013-02-27)
- Chinese Yuan Stronger as PBoC Boosts Daily Fixing (2013-02-20)
- Trading Environment Negative for Yuan (2013-01-16)