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