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Yuan Weakens After PMI Drops

CNH

Offshore yuan is weaker, USD/CNH last up 38 pips at 6.4720. The PBOC fixed USD/CNY at 6.4709, 17 pips above sell side estimates.

  • The pair rose after the release of June Caixin manufacturing PMI at 51.3 from 51.9 last time out. This denoted the softest increase in output for 15 months, while total new order growth slows as export sales stagnate. The release did note that inflationary pressures remain elevated though fell from the previous month.
  • Chinese President Xi spoke at a communist party event Xi said the party has brought about "national rejuvenation" lifting tens of millions from poverty and "altered the landscape of world development." He added achieving national reunification is party's mission and that China must take resolute action to defeat Taiwan independence.
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