China Caixin Manufacturing PMI jumped to 52.8 in July
A private gauge of China’s manufacturing sector, which focuses more on small and medium-sized export-oriented units, ticked higher in July.
The Caixin China manufacturing purchasing manager’s index (PMI) rose to 52.8 in July from 51.2 in May, Caixin Media Co., and research firm Markit said on Monday. The reading came in well above 50, indicating expansion and beat the consensus estimate of 51.3.
The above-forecast Caixin PMI highlights the improvement in the global demand conditions and could put a bid under equities and China-sensitive currencies like the Aussie dollar.
The National Bureau of Statistics Manufacturing PMI, which focuses on state-owned enterprises, also rose to 51.1 in July from 50.9 June, the official data released on Friday showed.