Forex and other markets news
1.03.2023, 15:24
China manufacturing-services PMI soars
China manufacturing-services PMI soars
China's National Bureau of Statistics (NBS) said February manufacturing purchasing managers' index (PMI) stood at 52.6, up from 50.1 in January. and the fastest pace of expansion since April. 2012, driven by increased consumer confidence after the Chinese government announced the abolition of the zero COVID policy.
Data from the NBS also showed the February services PMI came in at 56.3, up sharply from 54.4 in January, signaling the start of China's economic recovery. after the government canceled measures to control COVID-19
An index above 50 indicates an expansion in China's manufacturing and service sectors.
On the side of Caishin/S&P Global surveys also showed February manufacturing PMI rose for the first time in seven months, supported by a rebound in manufacturing and new orders. as well as a recovery in demand among consumers. After China announced the cancellation of the Zero Covid policy
China's February manufacturing PMI rose to 51.6 from 49.2 in January and beat analysts' expectations of 50.2 in a Reuters poll.
The February manufacturing PMI rose for the first time since July. 2022 and is the highest level since June. 2022, with an index above 50 indicating an expansion in China's manufacturing sector.
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