The China Federation of Logistics and Purchasing has published today China’s monthly manufacturing and non-manufacturing PMI data:
- China Manufacturing PMI for March: 49.5 (expected 49.8; previous 50.2).
- China Non-Manufacturing PMI for March: 48.4 (expected 50.3; previous 51.6).
- China Composite PMI for March: 48.8.
There has been no major reaction in the markets, despite the fact that the PMIs have fallen into contraction territory.
About China Non-Manufacturing PMI
The China Federation of Logistics and Purchasing (CFLP) publishes the non-manufacturing PMI monthly. The indicator highlights the performance of China’s service sector, which has a significant impact on the global foreign exchange market, given the size of the Chinese economy. An expansion in Chinese service sector activity points to signs of economic improvement and vice versa.
The official non-manufacturing PMI, released by the China Federation of Logistics and Purchasing (CFLP), is based on a survey of nearly 1,200 companies spanning 27 industries, including construction, transportation and telecommunications. It is the level of a diffusion index based on purchasing managers surveyed in the service industry. If it is above 50.0 it indicates expansion of the industry, below it indicates contraction.
Source: Fx Street
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