The People's Bank of China, Monday morning, set the yuan's exchange rate against the US dollar at $6.4695, compared to the yuan's exchange rate, which was set at $6.4712 levels. last Friday. Today, the Bank of China pumped about 10 billion yuan into 7-day repurchases.
It is reported that the Bank of China influences the price of the dollar (USD) by linking the value of its currency - the yuan - to the US dollar, as the bank uses a fixed exchange rate policy, which Different from the floating exchange rate used by the United States and many other countries.
The Bank of China manages the value of the yuan by keeping it fixed against a basket of currencies of countries that are China's partners. The basket is measured at USD, given that the United States is China's largest trading partner.
China's service sector growth slows in June
On the other hand, data from China's services PMI showed a slowdown in the sector's growth rate last June, worse than expected; The index thus recorded its worst reading in nearly a year.
According to the service PMI index data issued by the Statistics Office (Marquette) during the early hours of this morning, the index recorded a growth of 50.3 point during last June, without expectations. Recording a growth of about 54.8. The index recorded a strong growth during the month of May, by about 55.1 points.
This indicator is a measure of the health of economic activity in China, as it is based on conducting an opinion poll of about 400 purchasing managers in the service sector, and the survey includes questions related to employment and production. and new orders, stocks and prices in the sector.
Because companies are rapidly affected by economic developments, this indicator represents an in-depth and up-to-date look at the economic situation in the country.
