Live news: Yen falls to 7-month low against dollar on expectations of further US interest rate rises

China’s manufacturing sector contracted in June and repair sector progress was slower than anticipated, in accordance to information launched on Friday, including impetus to calls for presidency stimulus to enhance the flagging economic system.

The official manufacturing buying managers’ indices got here in at 49 in June, according to expectations of analysts polled by Reuters however marking the third consecutive month of contraction. A studying under 50 signifies a month-on-month contraction.

The non-manufacturing PMI, which incorporates providers, agriculture and building, got here in at 53.2, marginally behind expectations.

A decline in exports has hampered China’s financial rebound from the Covid-19 pandemic, whereas progress within the providers sector, although stronger than manufacturing, has additionally moderated.

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