In order to support the popularity of the currency. People’s Bank of China extends yuan trading hours

China has announced an extension of the yuan trading time for foreigners to support the popularity of the currency, provided that yuan trading closes at 3 am local time.

The People’s Bank of China said in a statement that yuan trading hours for foreigners will be extended to support the popularity of the currency, and renminbi trading will be closed at 3 am local time instead of 11:30 pm starting January 3.

The decision comes at a time when the government is trying to ease coronavirus restrictions to support the currency and the deteriorating economy.

China’s manufacturing fell for a third straight month in December, the biggest drop since early 2020 as the country battled a surge in COVID-19 cases after easing pandemic control measures.

The monthly purchasing managers index fell to 47.0 from 48.0 in November, the biggest decline since February 2020, when the COVID-19 pandemic began, according to China’s National Statistics Service.

The National Statistics Office reported that the non-manufacturing purchasing managers index stood at 41.6 in December, compared to 46.7 in November.

Source: cnbc + RT