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Chinese Yuan Hit by Mixed PMIs, Asia FX Eyes Steep Monthly Losses
China’s yuan fell on Friday following mixed signals from business activity data, while Asian currencies headed for steep monthly losses as a hawkish Federal Reserve and a robust dollar sparked sharp outflows.
The onshore yuan fell 0.1%, while the offshore yuan shed 0.5% after official Chinese PMI data showed the country’s manufacturing sector unexpectedly grew in September. But a private survey showed that a decline in the manufacturing sector deepened in the month, amid continued headwinds from COVID lockdowns.