Just a quick recap of the official Chinese....>

CHINA: Just a quick recap of the official Chinese PMI data released over the

weekend.

- China Feb M'fing PMI 35.7; Median 45.0 - Record Low

- Non-M'fing PMI 29.6; Median 50.5 - Record low

- M'fing production 27.8

- M' fing export orders 28.7

- M'fing new orders 29.3

- Suppliers' delivery times 32.1 - China does not invert delivery times in its

PMI print, therefore they were heavily prolonged in Feb.

- Caixin M'fing PMI will be released later today. SMEs (that Caixin focuses on)

have fared much worse than larger firms since the coronavirus outbreak. Early

surveys focusing on SMEs have been woeful. Could we see a very soft print, with

policymakers' stimuli focus having been on SMEs to get China running again?

- Also worth noting that local folk pointed to a passage in the official PMI

release which notes that 90.8% of firms expect to be back at work by the end of

March... Isn't that worse than a lot of private expectations?