Good manufacturing data (PMIs) for both the US and China (which are, after all, the world's top two economies) have reared Asian stock markets, and even the long-comatose Chinese market (the stock market, not the economy) is showing signs of life, even leading some analysts to announce a decisive upward turn. The Asian regional index is gaining 0,6%.
In the currency field, the South Korean won has recovered but it is above all the Chinese yuan that has set new records, below 6,28 per dollar. The broadening of the fluctuation band taken a few days ago was clearly intended to allow for new appreciations. The revaluation coincides with a visit from US Treasury Secretary Tim Geithner, but it is not a mere courtesy measure. This new record is part of a long-lasting appreciation trend which is even steeper in terms of real appreciation (ie taking into account inflation differentials).
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