China's China's National Bureau of Statistics (NBS) official survey PMIs

Manufacturing 51.3

  • expected 51.5, prior 51.9

Non-manufacturing 52.4

  • expected 55.0, prior 55.7

Composite 52.8

  • prior 55.1

The PMI index of manufacturing sentiment hit a 38-month high of 52.1 in November last year. Its been above 50, and in 'expansion' for most of 2020 despite the pandemic impact. China's policy of "internal circulation" (in a nutshell business buying locl inouts rather than imported where possible) has been an underpinning. Export industries have been a contributor also but on this front the rising cost of shipping and an appreciating yuan are becoming stiffer headwinds.


The private-survey,unofficial, Caixin/Markit PMIs for January are due on the new week:

  • manufacturing on 1 February at 0145 GMT
  • Service & Composite on the 3rd at the same time.