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Breaking: Chinese Caixin Manufacturing PMI (Jan) 51.1 vs 51.5 prior

Mainland China markets reopened today for the first time since 23 January and we are seeing the Caixin/Markit Jan manufacturing PMI vs the previous 51.5.

Caixin/Markit Jan manufacturing PMI

China Caixin/IHS markit January manufacturing PMI at 51.1 (vs 51.5 in December).

Key notes

  • Caxin Jan factory activity eases, misses analyst forecasts.
  • Growth was faltering before virus outbreak.
  • Outbreak raises risk of shock to economy, more stimulus expected.
  • Production and new order growth soften.
  • Export orders and employment slip back into contraction.


The Caixin China Manufacturing PMI™, released by Markit Economics, is based on data compiled from monthly replies to questionnaires sent to purchasing executives in over 400 private manufacturing sector companies.

Coronavirus latest data

Meanwhile, the China stock markets opened down nearly 9% a the start of the day with 2,829 new cases of coronavirus were reported in China on Feb 2, total infection reaching 17,205. The total death toll is now up to 361. In total 475 were discharged.

"The increases are all higher than a day earlier. The only good news is the growth rate of the discharged patients is the highest," HuXijin, the Chief in Editor at the Global Times reported.

FX implications

The yuan is on the back foot and has fallen against the US dollar to the lowest levels for the year so far, 6.9913 in USD/CNY. AUD/USD is trying to stabilise ahead of the Reserve Bank of Australia.There was little reaction to the data. 

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