China official PMIs: Manufacturing 47.0 (vs. prior 48.0) & Services 41.6 (prior 46.7)

Read full post at forexlive.com

December PMIs from China’s National Bureau of Statistics (NBS) and the China Federation of Logistics and Purchasing (CFLP).

Languishing with the renewed COVID-19 outbreak as China moved rapidly towards reopening. While widespread lockdowns are a thing of the past self-imposed isolation and illness have seen impacts on the Chinese economy as workers stay home and others (at the margin) avoid going out and about. Check out the Services PMI, 41.6 is deeply contractionary. Eating out, shopping, personal services, and more – all suffering.

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As a note, major forex centres in Asia will all be closed on Monday.

• Japan, Singapore, Hong Kong, Australia and New Zealand markets are all closed.

China is also out on Monday.