BEIJING: The Chinese yuan strengthened against the US dollar in the late Asian session on Wednesday, as the US dollar was under pressure on speculation that the Federal Reserve may not hike interest rates as soon.
In economic news, data from HSBC showed that the services sector in China expanded at an accelerated pace in April, with a PMI score of 52.9. That’s up from 52.3 in March, and it moves further above the boom-or-bust score of 50 that separates expansion from contraction.
Meanwhile, the composite PMI slid to 51.3 from 51.8 in March.
Against the greenback, the yuan rose to a 6-day high of 6.2008 from an early low of 6.2073. At yesterday’s close, the yuan was trading at 6.2063 against the greenback.
