Yuan on Verge of Five-Year Low as Fed Concern, Economy Take Toll
- Manufacturing data, dollar gains adding pressure, bank says
- Currency pares loss amid state-support bets, euro surge
China PMI Shows Stable Economy
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The yuan drew close to eclipsing the lows reached during January’s turmoil as factory data failed to damp concern about the economic outlook and speculation mounted that the Federal Reserve is preparing to raise interest rates.
The Chinese currency fell 0.05 percent to 6.5815 a dollar as of 5:11 p.m. in Shanghai, about 0.2 percent away from its five-year low in January. The exchange rate dropped as much as 0.25 percent on Wednesday, but pulled back amid talk of state support as well as a surge in the euro.