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- China's Caixin Manufacturing PMI unexpectedly expands to 51.0 in August vs. 49.3 expected
China's Caixin Manufacturing PMI unexpectedly expands to 51.0 in August vs. 49.3 expected
According to the latest data published on Friday, China's Caixin Manufacturing Purchasing Managers' Index (PMI) jumped back into the expansion territory, coming in at 51.0 in August when compared to July’s contraction of 49.2. The data surprised the market to the upside, as they had expected a 49.3 reading.
Key highlights (via Caixin)
Operating conditions improve for manufacturers in August.
Fresh increases in output and new business.
Employment returns to growth.
Input costs rise for first time since February.
"The slight rise in prices buffered the pressure of deflation, logistics remained smooth, inventory of raw materials fell, and manufacturers held on to their optimism, although to a limited extent," said Wang Zhe, an economist at Caixin Insight Group.
"Looking ahead, seasonal impacts will gradually subside, but the problem of insufficient internal demand and weak expectations may form a vicious cycle for a longer period of time," Wang added.
On Thursday, China’s National Bureau of Statistics (NBS) released the country’s official Manufacturing Purchasing Managers' Index (PMI), which improved to 49.7 in August as against the 49.3 contraction in June. The market consensus was for a 49.4 figure.
AUD/USD reaction
The upbeat print of the Chinese Manufacturing PMI fails to impress the Aussie Dollar, as AUD/USD is keeping its range at around 0.6480, almost unchanged on the day.
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