Chinese Yuan Falls To More Than 3-month Low Against U.S. Dollar
November 30 2015 - 7:34PM
RTTF2
The Chinese yuan weakened against the U.S. dollar in the Asian
session on Tuesday.
Data from the National Bureau of Statistics showed that the
manufacturing sector in China continued to contract in November and
at a faster rate, with a PMI score of 49.6. That missed forecasts
for a score of 49.8, which would have been unchanged from the
October reading.
A separate survey from Caixin also showed that China's
manufacturing sector continued to contract in November, but at a
slower pace, with a PMI score of 48.6. That beat forecasts for a
reading of 48.3, which would have been unchanged from the October
reading.
Monday, the IMF approved Chinese yuan's inclusion in the SDR
basket of currencies.
Against the greenback, the yuan fell to more than a 3-month low
of 6.3980 from yesterday's closing value of 6.3875.
If the yuan extends its downtrend, it is likely to find support
around the 6.42 area.
The People Bank of China set today's central parity rate for
yuan at 6.3973 per dollar, compared to Monday's reference rate of
6.3962. The central bank sets the reference rate every morning and
allows the currency to move upto 2 percent from that level.
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