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China and the UK had signed an agreement last year to establish a reciprocal 3-year sterling/renminbi currency swap line.
A reading above the 50 level indicates expansion in factories' activity while below that mark indicates contraction.
The new government is expected to unveil a new budget by early July.
The US Federal Reserve has begun to discuss options to raise interest rates as the economy improves.
Beijing is keen on substituting the US dollar with the yuan in all of China’s trade with other countries.
The two Asian nations are the biggest consumers of the precious metal.
Chinese shares dropped more than 1 per cent on Monday as investors worried about a new wave of initial public offerings (IPOs).
Visitors and tourists to Brazil during the games are expected to generate $3 billion in revenue.
Sino-Russian energy ties are expected to get a massive boost, in the wake of Moscow’s current standoff with the EU, its traditional energy partner, over the Ukraine crisis.
