News Column

Yuan Rises To More Than 5-week High After Strong China PMI Figures

July 23, 2014



BEIJING (Alliance News) - The yuan strengthened against the US dollar in the Asian session on Thursday after data showed that the China's manufacturing activity increased more than expected in July.

Results of a preliminary survey by Markit Economics and HSBC Bank showed that China's manufacturing activity increased more than expected in July.

The HSBC flash China manufacturing purchasing managers' index came in at 52.0 - more than the 51 score expected by economists and the 50.7 reading in June.

Against the greenback, the yuan climbed to more than a 5-week high of 6.1914 from an early low of 6.1987.

If the yuan extends its uptrend, it is likely to find resistance around the 6.14 area.

The People Bank of China set today's central parity rate for yuan at 6.1579 per dollar, compared to Wednesday's reference rate of 6.1572. The central bank sets the 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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