Caixin manufacturing PMI jumps to highest level in more than a year

China

Data released by S&P Global on Monday morning showed the Caixin PMI for China's manufacturing sector rose more than expected, with the index posting its highest reading in more than a year since February last year.

According to the data, the Caixin Purchasing Managers' Index for the manufacturing sector registered 51.1 points in March, which was better than expectations for the manufacturing index to rise to 51.0 points and the Caixin Purchasing Managers' Index for the manufacturing sector. Last February, the People's Republic of China recorded 50.9 points.

In addition, the report mentions the following points:

  • Production expanded at the greatest apparent pace in ten months.
  • Business confidence rose to its highest level in a year.
  • Selling prices have fallen sharply since last July as prices have been falling.

Commenting on the PMI data for China's services sector, Dr Wang Jie, chief economist at Caixin Insight Group, said: “Both supply and demand expanded at a faster pace amid a market recovery, driven by growth in manufacturing output and aggregates. New orders accelerated in March, and first orders hit a 10-month high.

Thanks to the recovery of the global economy, external demand for manufactured goods from China also increased, pushing the volume of new export orders to the highest level since February 2023, Wang noted.

A reading above 50 points indicates that the Caixin Purchasing Managers' Index is experiencing growth, thus the manufacturing sector is experiencing growth, while a reading below this level indicates contraction.

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