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Caixin China PMI Mfg (Feb): 40.3 (est 46, prev 51.1).

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There has been less of a shock in this data considering the weekend’s official February manufacturing PMI plunging 14.3 points to 35.7 – a record low. “This is one of the first pieces of Chinese economic data reflecting the impact of COVID-19, and it was weaker than expected, weaker than the previous low of 38.8 in November 2008. The non-manufacturing index also fell sharply, down 24.5 points to 29.6 – a record low,” analysts at Westpac explained.


The Caixin China Manufacturing PMI™, released by Markit Economics, is based on data compiled from monthly replies to questionnaires sent to purchasing executives in over 400 private manufacturing sector companies.

Market implications

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