The pressure on China's economic growth is feared to have an impact on other countries that are struggling to recover their economies. One of the countries threatened is New Zealand.
The offshore yuan depreciated toward 7.3 per dollar, at risk of weakening further to new record lows as downbeat Chinese PMI data added to an already dim outlook for the world’s second-largest economy. The country’s official manufacturing PMI unexpectedly declined to 49.2 in October from 50.1 in September due to softening external demand and disruptive Covid restrictions that hit production, while services sector activity contracted for the first time since May.
The offshore yuan depreciated toward 7.3 per dollar, at risk of weakening further to new record lows as downbeat Chinese PMI data added to an already dim outlook for the world’s second-largest economy. The country’s official manufacturing PMI unexpectedly declined to 49.2 in October from 50.1 in September due to softening external demand and disruptive Covid restrictions that hit production, while services sector activity contracted for the first time since May.
