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China’s manufacturing PMI takes centre stage – UOB Group

FXStreet (Edinburgh) - Analysts at UOB Group remark the significance of the Chinese release tomorrow, amidst renewed jitters on the likelihood of a slowdown in the domestic economy.

Key Quotes

“The data in focus this week is the prelim September HSBC/Markit China Manufacturing PMI on Tuesday morning”.

“Market is expecting a further decline in the PMI to 50.0 from 50.2 in August after having retreated from 51.7 in July”.

“A dip in the reading below 50 to indicate contraction in the manufacturing sector will heighten concerns on the Chinese economy”.

“The recent deterioration in Chinese data had led to some monetary easing measures by the PBoC last week which included the provision of CNY500 bn (US$ 81 bn) of 3-month funds to the country’s top 5 largest banks under the Standing Lending Facility (SLF) and the lowering of the 14-day repo rate by 20 bps to 3.5% last Thursday (18Sep)”.

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