{"id":81750,"date":"2015-12-01T01:09:47","date_gmt":"2015-12-01T06:09:47","guid":{"rendered":"http:\/\/countingpips.com\/?p=81750"},"modified":"2015-12-01T07:29:30","modified_gmt":"2015-12-01T12:29:30","slug":"china-manufacturing-slows-aussie-up-after-rba","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2015\/12\/china-manufacturing-slows-aussie-up-after-rba\/","title":{"rendered":"China manufacturing slows, aussie up after RBA"},"content":{"rendered":"
December 1, 2015<\/div>
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Article by ForexTime<\/a><\/p>\n

China was in focus on Tuesday, with the release of two closely-watched surveys on manufacturing activity and also following the International Monetary Fund\u2019s decision to finally include the yuan in its elite basket of reserve currencies.<\/p>\n

The data were rather gloomy though as China\u2019s manufacturing sector weakened in November and remained in contractionary territory, according to the official survey. Meanwhile, a private survey from Caixin-Markit climbed marginally last month, but also pointed to a sector in contraction.<\/p>\n

China\u2019s services sector was a brighter spot, with the non-manufacturing PMI rising 0.3 points to 53.6 in November from the previous month.<\/p>\n

The renminbi was also in focus after the IMF said China\u2019s currency would occupy a 10.92 per cent weighting with the special drawing rights basket effective October 1 next year. The People\u2019s Bank of China this morning set the reference rate around which the so-called \u201conshore\u201d renminbi trades weaker by 0.02 per cent to Rmb6.3973 per dollar.
\nBy lunchtime the Shanghai Composite was down 0.5 per cent and the Shenzhen Composite was down 0.4 per cent.<\/p>\n

Nevertheless, some bourses across Asia Pacific eked out some gains. Hong Kong\u2019s Hang Seng was up 1.7 per cent, Australia\u2019s S&P\/ASX 200 was up 1.9 per cent and Japan\u2019s Nikkei 225 was up 1 per cent.<\/p>

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Another important event in the Asian session was in Australia. The Reserve Bank of Australia has left interest rates at a record low 2 per cent but remains upbeat about the prospects for the domestic economy.<\/p>\n

Most economists were expecting the bank to hold rates. The RBA has already cut rates twice this year, in February and May, to stimulate the economy and in its preceding decision on monetary policy on November 3 the central bank flagged that further rate cuts are possible in the coming months. However, it tempered this by saying the outlook wasn\u2019t so bad, despite the impending fall in mining investment. This helped support the Australian dollar, which gained 0.7 per cent at $0.7274 after today\u2019s decision.<\/p>\n

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\"Forex-Time-Logo\"Article by ForexTime<\/a><\/span><\/strong><\/p>\n

ForexTime Ltd (FXTM)<\/strong> is an award winning international online forex broker regulated by CySEC 185\/12 www.forextime.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Article by ForexTime China was in focus on Tuesday, with the release of two closely-watched surveys on manufacturing activity and also following the International Monetary Fund\u2019s decision to finally include the yuan in its elite basket of reserve currencies. The data were rather gloomy though as China\u2019s manufacturing sector weakened in November and remained in […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-81750","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/81750","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=81750"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/81750\/revisions"}],"predecessor-version":[{"id":81768,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/81750\/revisions\/81768"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=81750"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=81750"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=81750"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}