Economic calendar in Asia 01 July 2024 – another Chinese PMI due

Over the weekend were the official PMIs from China for June:

• Weekend data – China’s offiical PMIs for June were mixed, disappointing on the whole

Today we get the privately-surveyed Caixin manufacturing PMI. This remained in expansion in May despite the NBS Manufacturing PMI dropping into contraction.

This snapshot from the ForexLive economic data calendar, access it here.

The times in the left-most column are GMT.

The numbers in the right-most column are the ‘prior’ (previous month/quarter as the case may be) result. The number in the column next to that, where there is a number, is the consensus median expected.

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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 (not always!) provide similar readings on China’s manufacturing sector.

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