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China HSBC PMI at 50.4; in line with flash estimate

The Chinese HSBC Manufacturing PMI final read came at 50.4 vs. 52.3 last. The data is in line with the flash estimate published earlier this month, which also stood at 50.4.

According to Hongbin Qu, Chief Economist, China & Co-Head of Asian Economic Research at HSBC: “The final February HSBC manufacturing PMI suggests a slower pace of expansion. But China's recovery continues on improving domestic demand conditions and the labour market. The pace of ongoing recovery is mild, implying no need for the PBoC to tighten policy any time soon."

Forex Flash: Improvement in Aus house prices buys RBA some time - NAB

Today's Rismark house prices climbed by 0.3% in February, up 1.3% y/y. As explained by NAB senior economist David deGaris, "Melbourne led the charge in Feb among the larger capitals (+1.5%), with Sydney steady (+0.1%), while Darwin (+2.3%) and Canberra (+1.9%) saw increased momentum."
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