Another quick skim of the Chinese Caixin......>

CHINA: Another quick skim of the Chinese Caixin m'fing PMI left me wanting to

highlight this passage:

"That said, business confidence continued to improve, with the gauge for future

output expectations hitting a five-year high. This was due chiefly to

more-proactive macroeconomic policies and policymakers' support for small and

midsized enterprises. "China's manufacturing economy was impacted by the

epidemic last month. The supply and demand sides both weakened, supply chains

became stagnant, and there was a big backlog of previous orders. However,

manufacturers were more confident. The economy will be able to see a significant

rebound when the epidemic is gradually contained and companies accelerate the

resumption of business amid more proactive fiscal and monetary policies."

- A reminder that "production, new work & staffing levels all fell at the

quickest rates since the survey began nearly 16 years ago as companies extended

their usual Lunar New Year shutdowns to help stem the spread of the virus.

Supply chains were also hit heavily, with avg delivery times increasing at the

quickest pace on record, leading firms to increase their use of current stocks."