Chinese Yuan Appreciates To More Than 1-year High Against U.S. Dollar
The Chinese yuan firmed against the U.S. dollar in the Asian session on Tuesday, after a private survey showed that China's manufacturing activity expanded in August at the fastest pace since January 2011.
Survey from Caixin showed that manufacturing Purchasing Managers' Index rose to 53.1 from 52.8 in July.
The data indicated signs of economic recovery from the pandemic.
The yuan rose to 6.8185 against the greenback, its highest level since May 2019. The next possible resistance for the yuan is seen around the 6.7 level.
The People's Bank of China set today's central parity rate of the yuan at 6.8498 per dollar, compared to Monday's rate of 6.8605. The Chinese central bank sets central parity rate every morning and allows the yuan to fluctuate up to 2 percent from that level.
Reprinted from RTTNews，the copyright all reserved by the original author.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.