2023-08-31 01:40:56 ET
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The official NBS Manufacturing PMI rose to 49.7 in August of 2023 from 49.3 in July, exceeding market forecasts of 49.4. The latest result was the softest drop in factory activity since an expansion in March, amid various stimulus measures from Beijing to revive a recovery in the economy.
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Output grew the most in five months (51.9 vs 50.2 in July) and new orders expanded for the first time in five months (50.2 vs 49.5). At the same time, buying activity advanced for the first time since March (50.5 vs 49.5) while delivery time shortened the most in six months (51.6 vs 50.5).
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The official NBS Non-Manufacturing PMI for China declined to 51.0 in August 2023 from 51.5 a month earlier, marked the softest increase in the service sector since December 2022, coming slightly less than market forecasts of 51.1, as both new orders (47.5 vs 48.1 in July) and foreign sales (47.9 vs 47.7) contracted for the fourth month in a row.
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The NBS Composite PMI Output Index in China inched up to 51.3 in August 2023 from July's 7-month low of 51.1. Factory activity contracted at the softest pace since March amid recent stimulus measures from Beijing and a string of monetary support from the Chinese central bank.
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The Politburo meeting in July described Chinese recovery as "tortuous" and decided to strengthen counter-cyclical adjustments.
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ETFs: ( FXI ), ( KWEB ), ( CQQQ ), ( MCHI ), ( ASHR ), ( YINN ), ( TDF ), ( CHIQ ), ( GXC ), ( EWH ), ( KBA ), ( YANG ), ( CXSE ), ( CAF ), ( CWEB ), ( PGJ ), ( KURE ), ( CHIX ), ( CYB ).
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More on China economy:
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China's industrial production, retail sales grows less than expected in July
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China's CPI falls for first time in over two years; PPI drops more than expected
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China trade surplus narrows sharply in July as exports, imports both posted double-digit decline
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China service sector growth of 54.1 in July beats forecasts; composite PMI drops to 6-month low
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China’s manufacturing activity contracts for a fifth straight month to 49.7 in August