, as the country’s economic recovery gained traction. The official non-manufacturing Purchasing Managers’ Index soared to 58.2 in March from 56.3 in February, marking the best level since 2011, according to the National Bureau of Statistics . The index measures business activity in the services and construction industries. The services sector is crucial to China’s economy and jobs. It accounts for 55% of GDP and 48% of employment.
The offshore yuan, which trades more freely than its onshore counterpart, strengthened as much as 0.4% to 6.844 per dollar. It was last up 0.1% to 6.871 per dollar. The onshore rate, which trades in mainland China, also gained 0.04% to 6.867 per dollar. “In light of deteriorating EU and US growth outlook after the banking turmoil, foreign investors are now more willing to park their capital in Chinese investment,” said Ken Cheung, chief Asian foreign exchange strategist for Mizuho Bank.
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CNN and the Democrats would like to see the United States under an authoritarian government like China or actually controlled by China.
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