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3 Mar 2014
Flash: PMIs brought in some respite to CNY decline - BTMU
FXStreet (Barcelona) - Lee Hardman, FX Analyst at the Bank of Tokyo Mitsubishi UFJ, said positive results from the manufacturing PMI in China strengthened the CNY.
Key Quotes
"Elsewhere, the pace of the yuan’s decline has eased overnight after the Chinese authorities set the daily USD/CNY fix modestly lower at 6.1190. The release over the weekend of both the stronger than expected official non-manufacturing and manufacturing PMI surveys for February has also helped to ease investor concerns over economic growth in China in the near-term."
"The non-manufacturing PMI index increased by 1.6 point to 55.0 in February, while the manufacturing PMI index declined more modestly than expected by 0.3 point to 50.2. The National Bureau of Statistics stated that “the decline in the manufacturing PMI was largely due to the seasonal Chinese New Year factor”.
"It was also revealed overnight that capital spending in Japan proved weaker than initially assumed in the first Q4 GDP report providing further evidence of a loss of economic momentum."
Key Quotes
"Elsewhere, the pace of the yuan’s decline has eased overnight after the Chinese authorities set the daily USD/CNY fix modestly lower at 6.1190. The release over the weekend of both the stronger than expected official non-manufacturing and manufacturing PMI surveys for February has also helped to ease investor concerns over economic growth in China in the near-term."
"The non-manufacturing PMI index increased by 1.6 point to 55.0 in February, while the manufacturing PMI index declined more modestly than expected by 0.3 point to 50.2. The National Bureau of Statistics stated that “the decline in the manufacturing PMI was largely due to the seasonal Chinese New Year factor”.
"It was also revealed overnight that capital spending in Japan proved weaker than initially assumed in the first Q4 GDP report providing further evidence of a loss of economic momentum."