The USD/CNH, or offshore USD/CNY, is lower at 6.2300 from 6.2325 late Wednesday in Asia as the upbeat PMI data in China is supportive for the Chinese yuan, says a trader at an European bank. The preliminary HSBC China Manufacturing Purchasing Managers Index, a measure of nationwide manufacturing activity, rises to 50.4 in November compared with a final reading of 49.5 in October. "Still, I expect the offshore pair to remain under pressure on the positive China PMI data, but also to stay in a narrow range, hovering between a 6.2280-6.2320 band in the near term," the trader says. The Hong Kong Treasury Markets Association set the offshore USD/CNH fixing at 6.2305 vs Wednesday's 6.2319.
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