China Apr Caixin Manufacturing PMI 49.4;......>

CHINA: China Apr Caixin Manufacturing PMI 49.4; BBG median 50.5; Mar 50.1.

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"After broadly stabilising in March, operating conditions weakened slightly in

April. The recent easing of measures to halt the spread of the coronavirus

disease 2019 (COVID-19) pandemic underpinned a further rise in output. However,

the impact of the virus globally led to a substantial drop in export sales,

which drove a further decline in total new work...Weaker demand conditions

prompted firms to reduce their staff numbers and input buying. At the same time,

companies reported moderate falls in both input costs and selling prices...

Chinese manufacturers signalled a back-to-back monthly rise in production after

a record decline in February, as more firms reopened and were able to increase

capacity. That said, the rate of expansion remained marginal overall... Average

input costs fell at the quickest rate in over four years."

- "A package of macroeconomic policies, as suggested in the April 17 Politburo

meeting, must be implemented urgently. It is particularly necessary to aid weak

links including small and midsize enterprises and personal incomes."