China is on holiday all of this week but managed to publish the September PMIs over the weekend.

The official PMIs from the National Bureau of Statistics (NBS), for manufacturing and non-manufacturing:

  • both improved from August,
  • both beat expectations,
  • both are now in expansion
  • manufacturing returned to expansion for the first time in six months

For the privately surveyed Caixin PMIs:

  • both dipped from August
  • both missed expectations
  • both remained in expansion

So, a bit of a mixed bag, but on balance the move for the official PMIs into expansion should be greeted with positivity by markets. I posted the early rates showing:

These have shown little change so far.

china September pmis 02 October 2023