CNH Races Forward Following Manufacturing PMI Announcement
• USD/CNH Appreciates Following November Figures
• Manufacturing PMI Slows But Remained Above Threshold
Shortly following the Manufacturing PMI announcement by the National Bureau of Statistics of China, the Renminbi depreciated, falling to 6.16562 CNH/USD. November’s figures fell short of leading analysts’ expectations of 50.5 percent and came in slightly under at 50.3 percent, hitting a new low since March of this year. Down from 50.8 percent in the previous month, figures still remained above the threshold, indicating that China’s manufacturing sector continued to maintain expansion in general. Large-sized enterprises also remained above the 50 percent threshold coming in at 51.6 percent, down from 51.9 percent in the previous month. Medium to small sized enterprises remained slightly below the threshold at 48.1 percent and 47.6 percent respectively. Among the five sub-indexes composing PMI, the new orders index, production index, and supplier delivery time index all remained above the 50 percent threshold, indicating a continued expansion in the manufacturing sector even while growth slowed.
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