The Chinese yuan was little changed today against the US dollar even as both government and private reports showed an expansion of the nation’s manufacturing sector.
The China manufacturing Purchasing Managers’ Index rose from 51.1 in September to 51.4 in October, according to the official data. The HSBC PMI rose from 50.2 to 50.9 last month, reaching the highest level in seven months. The yuan was not as strong as one might expect after the positive data, perhaps because of anticipation of quantitative easing tampering from the Federal Reserve.
USD/CNY traded at 6.0949 as of 11:52 GMT today after opening at 6.0947.
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