The People’s Bank of China (PBOC) has set the yuan reference rate at vs Wednesday’s fix at 7.0533 vs the previous fix 7.0582 and previous close of 7.0560. Earlier in the session, we had China’s official October manufacturing and services PMIs have been released, that was seen at 49.8 and 53.6 respectively.
The data arrived as follows:
- Non-Manufacturing PMI (Oct): 52.8 actual and below the 53.9 expected and 53.7 prior
- NBS Manufacturing PMI (Oct): 49.3 actual below the 49.8 expected and 49.8 prior.
FX implications:
As China continues to set its yuan reference rate within close proximities of the average for the recent sessions, the Aussie can find support. However, on this chinse data release, AUD is likely to struggle to gain much traction.
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