Skip to content Offshore Yuan Steady at 7.10 as China PMI Beats Forecast
The offshore Chinese yuan remained steady at 7.10 against the U.S. dollar. Traders are digesting recent positive economic indicators and closely monitoring important events.
On Tuesday, a private survey revealed that China’s services sector grew in October. The services Purchasing Managers’ Index (PMI) hit its highest level in three months, bouncing back from a low point in the previous month and exceeding what analysts had predicted.
China’s Manufacturing Growth Surpasses October Expectations
Furthermore, the same survey reported last week that manufacturing activity in China expanded in October, also outperforming expectations. Meanwhile, traders focus on key happenings, particularly the ongoing National People’s Congress in China. During this event, officials are expected to share more details about plans for debt management and fiscal policies to stimulate the economy.
Additionally, the U.S. presidential election is drawing significant attention. There’s increased caution among traders ahead of this tightly contested race. If former President Donald Trump secures a second term, some worry that tariffs might rise and tensions between the U.S. and China could escalate.
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