The PMI data hit early, as it so often does ... by scout motto be prepared helpful indeed

These are the official PMIs from China's National Bureau of Statistics and Federation of Logistics and Purchases (CFLP)

Manufacturing comes in at 50.3, sharply down on the expected and the previous month

  • expected 55.1, prior 51.3

At 50.3 its still in expansion, but not by much. A lower result for February (but not this low) was expected, as posted earlier in the previews:

via Nomura:

We expect China's official PMI to ease further

  • The official PMI is likely to dip again to 51.0 in February from 51.3 in January, as February this year has fewer working days than last due to a later lunar new year.
  • High-frequency data (such as the furnace operation rate, coal consumption by major power plants and steel price inflation) also point to weakness in February.

And, a quickie via Westpac:

  • Momentum is being sustained
  • But is unlikely to further accelerate
  • Non-manufacturing PMI last at an above-average 55.3, while the manufacturing PMI was around trend at 51.3

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ps. China (Feb.) Services PMI: 54.4 (expected 55.0)

Composite was 52.9

  • prior 54.6