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1 Feb 2016
CNY: Mixed signals from manufacturing PMI data - TDS
FXStreet (Delhi) – Research Team at TDS, notes that today’s Chinese data was mixed, with official manufacturing PMI for Jan deteriorating for the 6th straight month to a 3yr low of 49.4 (mkt 49.6).
Key Quotes
“The Caixin Manufacturing PMI was stronger than expected, rising from 48.2 to 48.4, consensus was 48.1. While both indices point to weak external demand, they both give differing signs of domestic demand - the official weaker, Caixin firmer.
Non-manufacturing PMI was a touch softer, but is no cause for alarm given this index was at a 16m highs in December. Overall, conditions remain mixed and subdued, but not deceleration.”
Key Quotes
“The Caixin Manufacturing PMI was stronger than expected, rising from 48.2 to 48.4, consensus was 48.1. While both indices point to weak external demand, they both give differing signs of domestic demand - the official weaker, Caixin firmer.
Non-manufacturing PMI was a touch softer, but is no cause for alarm given this index was at a 16m highs in December. Overall, conditions remain mixed and subdued, but not deceleration.”