Downward pressure on Yuan to persist before economic growth gains a solid footing

Weak PMI The official manufacturing PMI fell below the 50 neutral mark to 49.5 after it increased to 50.2 in September. Further, the official non-manufacturing PMIs for October eased back to 50.

6 from 51.7 in September. The downward pressure on CNY will likely persist before economic growth decisively gains a solid footing. In the meantime, PBoC is likely to continue to target CNY stability.

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