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Caixin Markit produces PMI for October



A woman works in a Macintosh boot factory in Lin & # 39; an, located in the eastern China province of Zhejiang.

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A private study found that China's factory activity in China expanded at its fastest pace since February 2017.

Caixin / Markit Production Purchasing Leads Index (PMI) entered 51.7 for October as production and new orders expanded at a faster pace, with a "renewed increase in export business", according to a joint press release from Caixin and IHS Markit on Friday.

Analysts polled by Reuters expected the e PMI number to come in at 51

.0 from 51.4 for September.

PMI readings above 50 indicate expansion, while below this level they signal contraction.

"Both domestic and foreign demand improved significantly," said Zhengsheng Zhong, director of macroeconomic analysis at Caixin subsidiary CEBM Group.

"The new orders sub-index remained in positive territory, rising to its highest level since January 2013. The new export orders meter returned to expansion territory and was the highest point since February 2018, probably moving to the United States. & # 39; to exempt more than 400 types of Chinese products from additional customs duties, "Zhong wrote in the press release.

The results of the private investigation contrasted with official production data released on Thursday, showing that factory activity in China was merging for the sixth consecutive month.

The official PMI survey typically maps a large proportion of large corporations and government companies. The Caixin indicator has a larger mix of SMEs.

PMI is a study of how companies view the operating environment. Such data provides a first glimpse of what happens in an economy, as they are usually among the first major economic indicators released each month.

China's PMI data is closely monitored by global investors for signs of trouble amid a national economic downturn and ongoing US-China trade conflict.

Earlier in October, President Donald Trump said that the United States has reached a "very significant phase of an agreement" with China.

This is news. Please check for updates.


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