China January PMIs: Manufacturing 51.3 (vs. expected 51.5) & Non-manufacturing 52.4 (expected 55.0)

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China’s China’s National Bureau of Statistics (NBS) official survey PMIs 

Manufacturing 
Non-manufacturing 
Composite  

• prior 55.1

The PMI index of manufacturing sentiment hit a 38-month high of 52.1 in November last year. Its been above 50, and in ‘expansion’ for most of 2020 despite the pandemic impact. China’s policy of “internal circulation” (in a nutshell business buying locl inouts rather than imported where possible) has been an underpinning. Export industries have been a contributor also but on this front the rising cost of shipping and an appreciating yuan are becoming stiffer headwinds.

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The private-survey,unofficial, Caixin/Markit PMIs for January are due on the new week: