China’s Official PMI Remains Weak At 49.9 In February


China’s official purchasing managers index (PMI), the bellwether of large industrial firms, inched up to 49.9 in February, up by 0.1 percentage points over a month earlier, according to data released by China’s National Bureau of Statistics.

The output sub-index fell by 0.3 percentage points to 51.4, affected by the weak activity during the Chinese New Year holiday.

The new order sub-index went up by 0.2 percentage points to 50.4.

This year’s Chinese New Year is particularly late,on February 19, while normally it happens between Mid-January and the beginning of February. This means March data can be impacted as well, and the January and February average readings may still have a small upside bias as the basis of 2014 is lower due to the holidays, says a research report by Goldman Sachs Gao Hua.

 

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