The manufacturing PMI released by PMI in the world’s second largest economy (China) grew by 50.3 points in July, down from 51.3 in June (expectations of 51.1), marking the slowest pace of growth in 16 months.

Most of the sub-indices declined, led by new orders, which fell by 0.6 points, while export orders fell below 50 levels by 47.7 due to the impact of the delta variable on the export market, in addition to the supply problems that the United States of America put Chinese technology companies on the ban list.

Meanwhile, the Chinese Central Bank (People’s Bank of China) set a new exchange rate for the yuan against the US dollar at $6.4660, compared to $6.4602 last week.