Key snippet from the latest Chinese Caixin....>

CHINA: Key snippet from the latest Chinese Caixin Services PMI reading:

- "The Caixin China Composite Output Index dropped to 27.5 in February from 51.9

in the previous month. While the gauges for new orders, new export orders and

employment all weakened to their lowest levels on record, the gauge for backlogs

of work rose to a record high. The decline in input costs was greater than that

in output prices because upstream industries' supply capacity was less affected.

"The coronavirus epidemic has obviously impacted China's economy. It is

necessary to pay attention to the divergence of business sentiment between the

manufacturing and the service sectors. While recent supportive policies for

manufacturing, small businesses and industries heavily affected by the epidemic

have had a more obvious effect on the manufacturing sector, it is more difficult

for service companies to make up their cash flow losses."