China's Caixin Manufacturing PMI expands to 51.6 in February vs. 50.2 expected
China's Caixin Manufacturing PMI returns to expansion with 51.6 in February vs. 50.2 expected and 49.2 previous, courtesy of the renewed increases in output, new orders and employment.
Key points
Suppliers' delivery times improve at quickest rate for eight years.
Business confidence strengthens to near two-year high.
Wang Zhe, Senior Economist at Caixin Insight Group said, “The recovery in manufacturing activity came as the most recent wave of Covid-19 infections subsided.”
“Both manufacturing supply and demand expanded last month, as production gradually returned to normal while both domestic and external demand improved after a Covid policy shift,” Wang added.
AUD/USD erases losses above 0.6700
The upbeat print of the Chinese Manufacturing PMI has saved the day for the Aussie Dollar, as AUD/USD is erasing Australian GDP-induced losses to trade flat at 0.6726, at the time of writing.
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
