China's better than expected economic data bolstering the case for dialling back policy support. The manufacturing sector in China continued to expand in March, and at a faster rate, the National Bureau of Statistics said today with a manufacturing PMI score of 51.9. That beat expectations for 51.0 and was up from 50.6 in February. The NBS also said its non-manufacturing PMI came in at 56.3, up sharply from 51.4 in the previous month.
ECONOMIC NEWS: China NBS Manufacturing PMI Improves In March- China manufacturing sector continued to expand in March, with a manufacturing PMI score of 51.9, the National Bureau of Statistics said on Wednesday. That beat expectations for 51.0 and was up from 50.6 in February, moving further above the boom-or-bust line of 50 that separates expansion from contraction. The NBS also said its non-manufacturing PMI came in at 56.3, up sharply from 51.4 in the previous month.
CURRENCY NEWS: China's yuan bounced from four-month low against the dollar on Wednesday desite softer mid-point fixing by the central bank, as stronger than expected economic data. Prior to market opening, the People's Bank of China (PBOC) set the midpoint rate at a fresh four-month low of 6.5713 per dollar, 72 pips or 0.11% weaker than the previous fix of 6.5641. In the spot market, the onshore yuan opened at 6.5660 per dollar and was changing hands at 6.5633 at midday, 91 pips firmer than the previous late session close. It recovered from a low of 6.5799 hit on Tuesday, the weakest since Dec. 1, 2020.
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