China Caixin Services PMI for March 52.7 (expected 52.7, prior 52.5)

China Caixin/S&P Global Services PMI for March 2024 comes in at 52.7

• expected 52.7, prior 52.5

Composite 52.7

• prior 52.5

Earlier re Chinese PMIs for March. Over the weekend we had the first lot of PMIs from China, with some better news:

• China March 2024 Official Manufacturing PMI 50.8 (expected 50.1) Services 53.0 (exp 51.5)
• ICYMI – China’s March 2024 manufacturing PMI jumped to its highest in a year

And then on Monday the Caixin manufacturing PMI:

• China Caixin Manufacturing PMI for March 51.1 (expected 51.0, prior 50.9)

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China has two primary Purchasing Managers’ Index (PMI) surveys – the official PMI released by the National Bureau of Statistics (NBS) and the Caixin China PMI published by the media company Caixin and research firm Markit / S&P Global.

• The official PMI survey covers large and state-owned companies, while the Caixin PMI survey covers small and medium-sized enterprises. As a result, the Caixin PMI is considered to be a more reliable indicator of the performance of China’s private sector.
• Another difference between the two surveys is their methodology. The Caixin PMI survey uses a broader sample of companies than the official survey.
• Despite these differences, the two surveys often provide similar readings on China’s manufacturing sector.

This article was written by Eamonn Sheridan at www.forexlive.com.