China has announced an extension of the yuan trading time for foreigners to support the popularity of the currency, provided that yuan trading closes at 3 am local time.

The People’s Bank of China said in a statement that yuan trading hours for foreigners will be extended to support the popularity of the currency, and renminbi trading will be closed at 3 am local time instead of 11:30 pm starting January 3.

The decision comes at a time when the government is trying to ease coronavirus restrictions to support the currency and the deteriorating economy.

China’s manufacturing fell for a third straight month in December, the biggest drop since early 2020 as the country battled a surge in COVID-19 cases after easing pandemic control measures.

The monthly purchasing managers index fell to 47.0 from 48.0 in November, the biggest decline since February 2020, when the COVID-19 pandemic began, according to China’s National Statistics Service.

The National Statistics Office reported that the non-manufacturing purchasing managers index stood at 41.6 in December, compared to 46.7 in November.

Source: cnbc + RT

Previous articleToday Match Predictions: Nature Isle T10, 2022, TGS vs CRD 23rd Match Prediction, Fantasy Cricket Tips, Pitch Report and Injury Update
Next articleLibya threatens to remove locals in Algeria from African Cup
Robin Jackson is the editor-in-chief at 24PalNews. As an editor and author who covers business and finance, Robin shares the latest business news, trends, and insights with his extensive audience.

Leave a Reply