Peso sheds 24 centavos on China factory output

The peso tumbled to its lowest level against the US dollar in nearly two weeks on Wednesday as weakness in equity markets on the back of tepid Chinese manufacturing data spurred demand for the greenback.

The local unit weakened to P46.83 to $1, losing 24 centavos from its P46.59 close on Tuesday. Wednesday’s finish was the weakest close since September 11, when the peso slid to P46.89 to $1.