USD/CNY slides as China economy continues to fire on all cylinders

The USD/CNY pair declined as investors reacted to the strong services PMI data from China. It is trading at 6.8300, which is slightly higher than this week’s low of 6.8122. China services sector makes progress The Chinese economy has been firing on all cylinders. Last month, data from the country’s statistics office showed that the economy expanded by 3.2% in the second quarter. That made it the only major country to record an expansion of the economy. In contrast, the US, UK, and the Eurozone contracted by 32%, 20%, and 11.5%, respectively. The expansion is continuing in the third quarter.