China official PMIs for February were published on Sunday

  • Manufacturing 50.6 vs. expected 51.1, prior 51.3

  • Non-manufacturing 51.4 vs. expected 52.1, prior 52.4

  • Composite 51.6 vs. prior 52.8

China's manufacturing and services activity remained in expansion in February

  • at a slower pace compared with January
  • and missing expectations

National Bureau of Statistics remark:

  • "The Spring Festival holidays, which fell in the middle of February, had a great impact on the production and business of enterprises, reducing the vitality of the manufacturing sector"

Note though there was less disruption this year over the ling holiday due to less travel (COVID-19 precautions).

From the manufacturing PMI sub measures:

  • new export orders 48.8 in February compared with 50.2 in January
  • small firm activity 48.3 in February (49.4 in January)
  • employment 48.1 (from 48.4)