CHINA'S CAIXIN PMI BEATS EXPECTATIONS
China’s manufacturing activity expanded at the fastest pace in nearly three years in October as output and new orders grew at a clip not seen in several years, a Caixin-sponsored survey showed Friday.
The Caixin China General Manufacturing Purchasing Managers’ Index (PMI), which gives an independent snapshot of the manufacturing sector’s operating conditions, increased to 51.7 in October from 51.4 in the previous month. The reading hasn’t been this high since February 2017.
The Caixin PMI is one of the earliest available monthly indicators of economic conditions in China and is closely watched by investors. A reading of 50 divides expansion from contraction. The higher above 50 the faster the expansion, while the further below 50 the greater the contraction. Manufacturing accounted for nearly 30% of China’s gross domestic product in the first nine months of this year, according to government data.