The Chinese yuan rose to a fresh record high of 6.4780 against the US dollar in Asian deals on Wednesday. The pair closed yesterday’s trading at 6.4805.
The People’s Bank of China set today’s central parity rate for the yuan at a fresh record high of 6.4837 per dollar, compared to Tuesday’s daily reference rate of 6.4845.
The Chinese central bank sets the central parity rate every morning and allows the currency to fluctuate up to 0.5 percent from that level.
In economic news, survey results from the China Federation of Logistics and Purchasing showed today that the Purchasing Managers’ Index for manufacturing fell to 52 in May from 52.9 in April. Economists were expecting a fall to 51.6.
Meanwhile, data from Markit Economics showed that China’s manufacturing sector growth eased to a ten-month low in May. The Markit/HSBC manufacturing purchasing managers’ index fell to 51.6 in May from 51.8 in April. The score was higher than the flash estimate of 51.1.
