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Chinese Yuan Strengthens on Better-Than-Expected PMI Readings, Stimulus Plan
The Chinese yuan is recording a modest gain against its US counterpart to start the trading week, driven by better-than-expected economic data. The yuan has come under pressure this year due to the economic chaos unfolding in Beijing. But now that the country is reopening the economy, can the yuan enjoy a liftoff? The Caixin China General Services purchasing managers’ index (PMI) rose to 41.4 in May, up from April’s 26-month low of 36.2. Despite the improvement, it represented the third consecutive month of contraction due to the country’s COVID Zero strategy. According to the private-sector reading, the ... (full story)