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CHINA DATA: Non-Manufacturing Sector Drives PMI Improvement

CHINA DATA
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China’s PMI data showed activity expanding at a faster rate in December driven by the non-manufacturing sector with industry remaining lacklustre. The composite PMI picked up to 52.2 from 50.8 due to a 2.2 point rise to 52.2 in services, which was stronger than expected. 

  • Manufacturing disappointed though with the PMI moving closer to the breakeven-50 mark at 50.1 after 50.3 last month. Lacklustre domestic growth has prompted officials to announce that there will be more fiscal and monetary stimulus in 2025, but details remain vague.
  • The better-than-expected non-manufacturing PMI has supported USDCNH with most of its decline today sustained with the pair at 7.3057 close to its intraday low at 7.3053. The CSI 300 opened little changed and is currently down moderately. 
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China’s PMI data showed activity expanding at a faster rate in December driven by the non-manufacturing sector with industry remaining lacklustre. The composite PMI picked up to 52.2 from 50.8 due to a 2.2 point rise to 52.2 in services, which was stronger than expected. 

  • Manufacturing disappointed though with the PMI moving closer to the breakeven-50 mark at 50.1 after 50.3 last month. Lacklustre domestic growth has prompted officials to announce that there will be more fiscal and monetary stimulus in 2025, but details remain vague.
  • The better-than-expected non-manufacturing PMI has supported USDCNH with most of its decline today sustained with the pair at 7.3057 close to its intraday low at 7.3053. The CSI 300 opened little changed and is currently down moderately.