Chinese Yuan Falls To 2-day Low Against U.S. Dollar
29 Febrero 2024 - 8:05PM
RTTF2
The Chinese yuan weakened against the U.S. dollar in the Asian
session on Friday.
In economic news, data from Caixin showed that the manufacturing
sector in China continued to expand in February, and at a slightly
faster rate, with a manufacturing PMI score of 50.9. That's up from
50.8 in January, and it moved further above the boom-or-bust line
of 50 that separates expansion from contraction.
The survey also showed that the non-manufacturing PMI climbed to
51.4 from 50.7 in the previous month, while the composite index was
unchanged at 50.9.
Against the greenback, the yuan fell to a 2-day low of 7.1972
from an early high of 7.1933. At yesterday's close, the yuan was
trading at 7.1877 against the greenback.
If the yuan extends its downtrend, it is likely to find support
around 7.20 against the greenback.
The Chinese central bank sets central parity rate every morning
and allows the yuan to fluctuate up to 2 percent from that
level.
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