According to China’s official statistical agency, the country’s biggest manufacturing companies saw their income grow by 6,4% or CNY2.38 trillion over the period of January through May 2016.
Steel, metal and coal companies are the absolute leaders in this case. They showed the biggest growth over the mentioned period. By the way, the 1st quarter alone indicated a slightly higher increase around 7.4%.
It is also interesting to keep in mid that Chinese oil companies as well as chemical and tech companies indicated negative performance over the reporting period. Other industrial companies indicated a slightly lower increase – under 4%.
FOREX
Masterforex-V Academy reports that the Chinese Yuan is going down within a strong bearish momentum against the U.S. Dollar, which means that USDCNY is rallying. For now, the currency pair is trading around 6.6473.
The closest level of support is MF pivot 6,5680. The closest major levels of resistance are 6,6600, 6,6800, and 6,7000.
