FXStreet (Delhi) - Michael Every, Research Analyst at Rabobank, notes that the Caixin PMI surveys out today showed manufacturing at 47.2, and services at only 50.5, with a composite PMI of 48.0 which is by contrast mixed to the official PMIs as they were also released today.
Key Quotes
“Chinese official PMIs, released despite a market holiday here, where manufacturing was at 49.8, so still sub-50 even on the more optimistic government measure, and services unchanged at 53.4.”
“Meanwhile, China has also relaxed mortgage down-payment requirements from 30% to 25%, another sign of how worried it is about the over-supply in the housing sector.”
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