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Betty Wang, analyst at ANZ, points out that China’s production sub-index retreated to below the 50-threshold, dragging the headline manufacturing PMI number lower.  

Key Quotes

“The PMI data for both January and February suggest that Q1 GDP growth could hover at 6.4% y/y, showing no improvement from Q4 last year.”

“However, new orders and price sub-indices rebounded in February, which indicate that China’s economy will gradually bottom out in the coming months.”