News Column

Chinese Yuan Hits 2-week High Against US Dollar After PMI Data

June 30, 2014

BEIJING (Alliance News) - The Chinese yuan firmed against the US dollar in the Asian session on Tuesday, as China's factory activity rebounded in June, in a sign that stimulus measures introduced by Beijing are showing result.

Data from China Federation of Logistics and Purchasing and National Bureau of Statistics showed that China's manufacturing PMI rose to 51% in June, from 50.8% in May. The June reading matched forecasts.

The yuan climbed to 6.1988 against the greenback, its strongest since June 17. At Monday's close, the pair was worth 6.2040. If the yuan extends uptrend, 6.19 is seen as its next resistance level.

The People's Bank of China set today's daily reference rate for the yuan at 6.1523 per dollar, compared to yesterday's reference rate of 6.1528.The People's Bank of China sets the daily reference rate every morning and allows the currency to move upto 2% from that level.

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Source: Alliance News

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