A large number of police vehicles and an ambulance team were dispatched to the scene.
Police said a man in his 40s was taken to hospital with a stab wound, where he was not putting his life at risk.
A wide police cordon has been put in place around Symons Street, Gainsborough Street and Great Cheetham Street East.
A 20-year-old man was arrested on suspicion of assault under section 18, also known as grievous bodily harm.
He remains in detention for questioning.
Anyone with information should contact the police on 101, citing incident number 3347 of 08/14/20.
Reports can also be made anonymously to the independent charity Crimestoppers on 0800 555 111.
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