Economics
Yuan Touches 2012 Low as China Data Signals Manufacturing Slump
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China’s yuan touched the weakest level in 16 months after a private report showed the nation’s factory output is still contracting.
A preliminary reading for the Purchasing Managers’ Index for manufacturing was at 48.3 in April, up from a final 48 in March, HSBC Holdings Plc and Markit Economics reported today. The figure, which was below the dividing line of between expansion and contraction, matched the median estimate in a Bloomberg News survey of economists.