China: Upside surprise in manufacturing PMI numbers – Danske Bank

In China, the private version of manufacturing PMI from Caixin surprised on the upside rising to 51.6 in February (consensus 51.3) from 51.5 in January, notes the research team at Danske Bank.

Key Quotes

“It is in sharp contrast to the official PMI manufacturing from NBS released yesterday, which surprised strongly on the downside. Which one is right? We belief the true picture is somewhere in the middle. That China is slowing but only moderately – as also signalled by the development in global metal prices where the upward pace has eased somewhat but not pointed to a sharp slowdown in demand.”