Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.LATEST FROM POLICY:
- G10 MarketsG10 Markets
Real-time insight on key fixed income and fx markets.Launch MNI PodcastsFixed Income FI Market AnalysisCentral Bank PreviewsFI PiEurozone/UK Bond Auction CalendarEurozone/UK T-bill Auction CalendarUS Treasury Auction Calendar US$ Credit Supply Pipeline Fixed Income Technical Analysis EGB Issuance, Redemption and Cash Flow Matrix Gilt Week Ahead
- Emerging MarketsEmerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
Real-time insight of oil & gas markets
Reporting on key macro data at the time of release.LATEST FROM DATA:
- MNI ResearchMNI Research
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.Global Macro Central Bank PreviewsCentral Bank ReviewsBalance Sheet AnalysisInflation InsightGlobal IssuanceEurozoneUKUSOverviewGlobal Issuance CalendarsEZ/UK Bond Auction CalendarEZ/UK T-bill Auction CalendarUS Treasury Auction Calendar
- About Us
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.Free Access
MNI China Daily Summary: Wednesday, March 22
MNI BRIEF: China's Nov Manufacturing PMI Falls To 7-Month Low
China's Purchasing Managers' Index (PMI) slid to a seven-month low of 48 in November and deeper into the contractionary zone below 50, as renewed outbreaks of Covid-19 disrupted factory activity, data from the National Bureau of Statistics on Wednesday showed.
The decline from 49.2 in October came as the production and new orders sub-indices fell by 1.8 and 1.7 points from October to 47.8 and 46.4, respectively. New export orders sub-index also fell by 0.9 to 46.7 on declining external demand. (See MNI BRIEF: China's Exports Drop In Oct; First Fall Since 2020)
The non-manufacturing PMI fell by 2 points to 46.7, also hitting the lowest level since April. The services activities sub-index further declined by 1.9 points to 45.1, with businesses in transportation, accommodation, catering and entertainment all falling below 38, according to the NBS.
The evidence of ongoing weakness in the world's second largest economy comes as authorities have accelerated efforts to support growth. The People's Bank of China last week cut the reserve requirement ratio by 25bp, freeing up additional liquidity for banks. (See MNI BRIEF: PBOC Cuts RRR By 25 Bp As Covid Clouds Recovery). Authorities have also relaxed a ban on refinancing for real estate developers to ease cash flow constraints and support a property market recovery. Market reaction to the PMI data was muted. (See CHINA DATA : PMIs Disappoint, But Limited Market Impact)
To read the full story
Sign up now for free access to this content.
Please enter your details below and select your areas of interest.
Why Subscribe to
MNI is the leading providerof intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.
Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.