The upbeat results from the Chinese manufacturing PMI report were not good enough to bolster the yuan in sessions. The yuan had a bad run yesterday against the greenback, aussie, and kiwi.
The CNY CNH or yuan to yuan offshore exchange rate flatlined at -0.02% or 0.0002 points on Monday.
The greenback was quick to snatch a few gains against the yuan in Monday’s trading. The US dollar to the Chinese yuan exchange rate started the last month of the year in green territories with yesterday’s gains.
The USD CNY pair went up by 0.16% or 0.0112 points in Monday’s trading sessions. The pair even extended its ranges between ¥7.0264 and ¥7.0448.
It gets lower. The CNY AUD trading pair contracted 0.61% or 0.0013 points in yesterday’s trading. The pair traded around AU$0.2090 during sessions.
The kiwi, on the other hand, floored its pedals and dragged the Chinese yuan even further. The CNY NZD exchange rate went down by 1.01% or 0.0022 points and has traded around NZ$0.2191 on Monday.
On Sunday, the private Caixin Chinese Manufacturing Purchasing Managers’ Index report showed growth in the country’s manufacturing sector. The factory PMI went up from 51.7% to 51.8% in November, topping expectations of 51.4% contraction.
Also, the better-than-expected performance of the Chinese economy shocked the forex market. However, it has not helped boost the yuan in sessions.
Traders were moved despite the looming concerns about the trade negotiations between Washington and Beijing. As the year nears to an end, some hopefuls still want an agreement before 2020.
Trump’s move is viewed by others as a step backward rather than forward, further complicating things.
After the US President signed the bill, Hong Kong nationals rallied on Thanksgiving Day to praise Trump and the United States. The protestors took America’s bill as a sign to move forward and keep fighting for their democracy.