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Caixin Manufacturing PMI Back Into Contraction Territory

CHINA DATA

The Caixin manufacturing PMI printed at 49.5 in August. Below the consensus of 50.0, and versus 50.4 in July. The brings the Caixin number back in line with official PMI in terms of being in contractionary territory (this printed at 49.4 yesterday). Again, this is consistent with some loss of momentum for China activity through August.

  • Resurgent covid cases in the month, coupled with the heat wave and power shortages were cited as factors behind the fall in the headline index. Some of these factors may dissipate in September, although Covid-zero strategies and a weaker external backdrop remain (the Caixin PMI new export orders index fell in August). Note next Monday the Caixin services PMI and composite PMI prints are due.
  • The market reaction has been limited in the FX space, with little changes in the likes of CNH (6.9140) and KRW (1 month 1350). AUD/USD remains close to session lows (last 0.6810) but hasn't tested below 0.6800 yet.
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