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HSBC PMI in China surprises to the downside

HSBC Manufacturing PMI in China for the month of February has surprisingly weakened to 50.4 vs. 52.2 expected and 52.3 last print in January. After months of upward adjustments, investors will star to wonder whether this is a one-off event due to new year seasonality effects or there is some substance behind. The Aussie is lower on the news.

Hongbin Qu, Chief Economist, China & CoHead of Asian Economic Research at HSBC said: “The Chinese economy is still on track for a gradual recovery. Despite the moderation of February’s flash PMI, the index recorded the fourth consecutive reading above the 50 critical line. The underlying strength of Chinese growth recovery remains intact, as indicated by the still expanding employment and the recent pick-up of credit growth.”
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