China’s Caixin manufacturing PMI climbs to three-month high

China’s Caixin manufacturing PMI climbs to three-month high

China’s Caixin manufacturing Purchasing Managers’ Index climbed to a three-month high in June, soothing expectations the world’s second biggest economy would continue recovery in the second quarter.

The private manufacturing measure recorded 50.4 last month from 49.6 a month earlier, beating median estimates of 49.9. May’s reading was the lowest reading in 11 months.

Today’s figures showed return to growth as any above 50 means expansion and any reading below 50 means contraction.

The manufacturing sector was buoyed by a soar in output and new orders.

As of 07:34 GMT, the dollar was 0.10 percent higher versus the Chinese yuan, as the USDCNY traded at 6.7874.

China’s Shanghai Composite Index locked 0.11 percent or 3.48 points to finish at 3,195.91.

Ahmed Mamdouh

Ahmed Mamdouh, Co-Founder and Head of English Fundamental Analysis at FXComment.com, with 7 years of experience in the financial markets. Mamdouh holds a Master’s Degree in Economics from The American University in Cairo and a Bachelor Degree in Economics from The Faculty of Economics and Political Science, Cairo University.

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