The USD/CNY pair fell to levels not seen since October 2024 with private sector manufacturing contracts in China, although the depreciation of the Chinese Yuan (CNH) limits economic pressures, BBH FX analysts reported.
China manufacturing contracts in November
“USD/CNY fell to lowest level since October 2024, eyeing psychological support at 7.0000. China’s private sector manufacturing sector deteriorated in November.”
“RatingDog’s Manufacturing PMI fell to 49.9 from 50.6 in October, signaling the first contraction in activity since July. China can tolerate a stronger currency with limited damage to the manufacturing sector as the yuan remains undervalued.”
