{"id":99620,"date":"2020-04-30T05:56:26","date_gmt":"2020-04-30T09:56:26","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=99620"},"modified":"2020-04-30T05:56:26","modified_gmt":"2020-04-30T09:56:26","slug":"103201-usd-hkd-hong-kong-dollar-falls-on-chinas-manufacturing-data","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/103201-usd-hkd-hong-kong-dollar-falls-on-chinas-manufacturing-data\/","title":{"rendered":"USD\/HKD: Hong Kong Dollar Falls on China\u2019s Manufacturing Data"},"content":{"rendered":"

USD\/HKD<\/a> has slightly increased on Thursday after holding steady for five sessions in a row. Currently, one US dollar<\/a> buys 7.7510 Hong Kong dollars, up 0.01% as of 9:10 AM UTC.<\/p>\n

The HKD is pegged to the USD, and the Hong Kong Monetary Authority (HKMA) is responsible for keeping the rate close to the 7.80 target. Thus, the pair doesn\u2019t show intraday volatility.<\/p>\n

Markets in Hong Kong are closed today in observance of the Birthday of the Buddha.<\/p>\n

China\u2019s Manufacturing PMI by Caixin Falls Into Contraction<\/h2>\n

The HKD has declined as China reported disappointing manufacturing activity data. Earlier Thursday, a private report from Caixin and Markit showed that China\u2019s manufacturing purchasing managers\u2019 index (PMI) dropped to 49.4 in April from 50.1 in March. The 50 mark separates growth from contraction. Analysts expected an increase in April to 50.3.<\/p>\n

The survey has faded investors\u2019 hope that China might see a quick recovery. Chinese factories are experiencing a drop in global demand, as most countries have closed borders and implemented social distancing measures.<\/p>\n

Separately, the Chinese governments released its manufacturing PMI as well. The reading fell to 50.8 in April from 52.0 in March, while analysts expected a drop to 51.0.<\/p>\n

Caixin\u2019s sub-index for production increased to 51.1 in April from 50.6 in March, driven by the lifting of restrictions. However, export orders tumbled at the fastest rate since the financial crisis in 2008, to 33.7.<\/p>\n

Zhengsheng Zhong of CEBM Group said<\/a>:<\/p>\n

\u201cTo sum up, the sharp fall in export orders seriously hindered China\u2019s economic recovery in April, although businesses were gradually getting back to work.\u201d<\/em><\/p>\n

He added that manufacturers\u2019 confidence was not high in April, as external demand prompted them to reassess the impact of the pandemic. The economic recession might be greater than initially thought.<\/p>\n

Yesterday, the US published the preliminary assessment of the gross domestic product (GDP) growth for the first quarter. The Bureau of Economic Analysts said that the economy had tumbled at an annualized rate of 4.8% in the three months through March. This is the deepest contraction since the financial crisis in 2008. Analysts expected a 4.0% drop.<\/p>\n","protected":false},"excerpt":{"rendered":"

USD\/HKD has slightly increased on Thursday after holding steady for five sessions in a row. Currently, one US dollar buys 7.7510 Hong Kong dollars, up 0.01% as of 9:10 AM UTC. The HKD is pegged to the USD, and the Hong Kong Monetary Authority (HKMA) is responsible for keeping the rate close to the 7.80 […]<\/p>\n","protected":false},"author":163946609,"featured_media":4233,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1381],"tags":[2719,2706,1910,1398],"class_list":{"0":"post-99620","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-usd","8":"tag-china-manufacturing","9":"tag-hkd","10":"tag-us-economy","11":"tag-usd"},"acf":[],"yoast_head":"\nUSD\/HKD: Hong Kong Dollar Falls on China\u2019s Manufacturing Data - Currency Live<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/currencylive.com\/news\/103201-usd-hkd-hong-kong-dollar-falls-on-chinas-manufacturing-data\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Anatol Antonovici\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103201-usd-hkd-hong-kong-dollar-falls-on-chinas-manufacturing-data\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103201-usd-hkd-hong-kong-dollar-falls-on-chinas-manufacturing-data\\\/\"},\"author\":{\"name\":\"Anatol Antonovici\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/c9c031720b5822c1d9bb63b59c6535ce\"},\"headline\":\"USD\\\/HKD: Hong Kong Dollar Falls on China\u2019s Manufacturing Data\",\"datePublished\":\"2020-04-30T09:56:26+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103201-usd-hkd-hong-kong-dollar-falls-on-chinas-manufacturing-data\\\/\"},\"wordCount\":351,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103201-usd-hkd-hong-kong-dollar-falls-on-chinas-manufacturing-data\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/08\\\/100304-gbp-usd-china-us-treasury.jpg\",\"keywords\":[\"China manufacturing\",\"HKD\",\"US economy\",\"usd\"],\"articleSection\":[\"USD\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103201-usd-hkd-hong-kong-dollar-falls-on-chinas-manufacturing-data\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103201-usd-hkd-hong-kong-dollar-falls-on-chinas-manufacturing-data\\\/\",\"name\":\"USD\\\/HKD: Hong Kong Dollar Falls on China\u2019s Manufacturing Data - 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