Caixin PMI stands at six-and-a-half year low in September

FXStreet (Bali) – – Caixin China PMI came at 47.2 in September vs 47.00 expected, hitting a six-and-a-half year low. Also released, Caixin China Composite PMI stood at 48.0 vs prior of 48.8, while Caixin Services PMI for September stood at 50.5 vs 51.54 last.

Commenting on the China General Manufacturing PMI™ data, Dr. He Fan, Chief Economist at Caixin Insight Group said: “The Caixin China General Manufacturing PMI for September is 47.2, slightly down from the reading for August.”

“This indicates the continued weakness of the manufacturing industry, though the pressure driving the sector’s decline has eased. The industry has reached a crucial stage in its structural transformation. Tepid demand is a main factor behind the oversupply of manufacturing and why it has not recovered”, He Fan added.

Caixin China PMI came at 47.2 in September vs 47.00 expected, hitting a six-and-a-half year low. Also released, Caixin China Composite PMI stood at 48.0 vs prior of 48.8, while Caixin Services PMI for September stood at 50.5 vs 51.54 last.

(Market News Provided by FXstreet)