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USD/CNY chart - Trading View
China's official manufacturing PMI data released earlier on Wednesday showed China's manufacturing sector has slipped back into contraction.
China's August Caixin manufacturing PMI fell to 49.2, missing forecasts at 50.2 and compared to July’s 50.3 reading.
Data followed the official the National Bureau of Statistics (NBS) manufacturing PMI on Tuesday which also fell to 50.1 in August from 50.4 seen in July.
Downbeat Chinese PMI data raises concerns about China’s slowing economic growth and regulatory changes.
Data suggests that recovery momentum in the world's second-biggest economy has weakened as high raw material prices, COVID-19 curbs hurt economy.
"The worse-than-expected August PMIs add conviction to our view that the growth slowdown in H2 could be quite notable," said analysts at Nomura.
"We expect Beijing to maintain its policy combination of 'targeted tightening' for a few sectors, especially the property sector and high-polluting industries, complemented by 'universal easing' for the rest of the economy," they note.
Market Impact: (0510 GMT)
USD/CNY pair inched up 0.04% to 6.4630
AUD/USD rangebound at 0.7313
NZD/USD slips lower from session highs at 0.7055 and was trading 0.04% lower at 0.7037
