Chinese Yuan Rises To 4-day High Against U.S. Dollar
July 02 2023 - 9:26PM
RTTF2
The Chinese yuan strengthened against the U.S. dollar in the
Asian session on Monday.
In economic news, data from Caixin showed that the manufacturing
sector in China continued to expand in June, albeit at a slower
pace, with a manufacturing PMI score of 50.5.
That's down from 50.9 in May although it remains above the
boom-or-bust line of 50 that separates expansion from
contraction.
Against the greenback, the yuan rose to a 4-day high of 7.2328
from Friday's closing value of 7.2511.
If the yuan extends its uptrend, it is likely to find resistance
around the 7.00 area.
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