The January Caixin manufacturing PMI in China rises slightly to 49.2 vs. 49.5 expected and 49.0 priorshowing the positive impact on production levels of the reopening of the country after the coronavirus.
Key points
Smoother drops in production and new orders.
Reduced pressures on the supply chain.
Confidence around the outlook hits its highest level since April 2021.
Wang Zhe, Chief Economist at Caixin Insight Group, has stated: “Both supply and demand for manufacturing continued to contract last monthwhile covid infections remained high. Production and total new orders contracted for the fifth and sixth consecutive monthrespectively, but the contraction was milder than in December.”
“Due to the increasing risks of recession abroad, foreign demand remained weakand the new export order figure also contracted for the sixth consecutive month,” Wang added.
Source: Fx Street
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