Source: Caixin. China’s Caixin Services Purchasing Managers’ Index (PMI) June dropped to 50.3, the lowest level in the last 14 months. CSI 300 Index gains +0.062%. The recent Caixin Services PMI was 4.8% lower than the reading in May and the lowest figure in 14 months.The scattered COVID-19 outbreaks in Guangdong Province was responsible for the decline in the volume of … [Read more...] about Lagging Business Activity Slowdown Growth of China’s Services Sector
Forex News
Global Central Banks Bet on China’s Recovery with Record Holdings of the Yuan
Source: Yicai Global Holdings of the Chinese yuan as a share of global foreign exchange reserves rose to 2.5% in the first quarter, the highest level since the fourth quarter of 2016. USDCNY is down -0.01%. Yuan reserves by global central banks rose by 6.7% to $287.5 billion in the first quarter from the previous one, the ninth consecutive increase.The rise in yuan … [Read more...] about Global Central Banks Bet on China’s Recovery with Record Holdings of the Yuan
US Added 850,000 Jobs in June as Unemployment Rate Remained at 5.9%
Source: U.S. Bureau of Labor Statistics. In June, the total nonfarm payroll employment increased by 850,000, and the unemployment rate remained unchanged at 5.9%. DJI +0.063% Significant job increases were recorded in leisure and hospitality, professional and business services, retail trade, public and private education, and other service sectors.The current unemployment … [Read more...] about US Added 850,000 Jobs in June as Unemployment Rate Remained at 5.9%
US Trade Deficit Widens by $2.2 Billion in May on Ballooning Imports
Source: Census Bureau The US recorded a goods and services trade deficit of $71.2 billion in May, up $2.2 billion or 3.1% from April’s $69.1 billion. DXY is down -0.04%, SPY is up +0.26%. Trade deficits were fueled by 1.3% increases in imports, which hit $277.3 billion in May. Exports rose by 0.6% to $206.0 billion.Goods deficit rose by $2.3 billion to $89.2 … [Read more...] about US Trade Deficit Widens by $2.2 Billion in May on Ballooning Imports
Global Yuan Reserves Climb to Highest Level in Over Four Years
Source: Yicai Global Yuan reserves of central banks climbed to the highest in over four years during the first quarter, driven by China’s attractiveness to foreign investors. International Monetary Fund data released on June 30 showed that yuan reserves rose 6.7% to $287.5 billion from the fourth quarter of 2020 to mark the ninth straight quarter of growth.The proportion … [Read more...] about Global Yuan Reserves Climb to Highest Level in Over Four Years
