HSBC China PMI Comes In At 48

HSBC China manufacturing PMI came in at 48 in March, from 48.5 the previous month.

This is below expectations for manufacturing to hold steady at 48.1.

A reading below 50 indicates contraction.

The current reading puts manufacturing at an eight-month low. Moreover the weakness in the report was broad-based.

HSBC economist Hongbin Qu has previously said that he expects that policymakers would announce measures to stabilize growth.

Here’s a look at the trajectory of HSBC China PMI:

china pmi

HSBC/Markit Economics

Earlier today we saw official PMI rise to 50.3, beating expectations.

The Australian dollar saw a 0.2% gain against the USD after the release of China’s official PMI, though after the HSBC data came out, it was back trading at 0.927 cents.

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