China | August PMIs surprise the market to the upside

Summary

China’s official manufacturing PMI unexpectedly rebounded above the watershed level in August. Its reading of 50.4 is also way above market expectations and the July outturn of 49.9. Although the official and Caixin PMIs have painted a mixed picture, manufacturing activities indeed gained traction, alloying investors’ concerns over the risk of an imminent hard landing.

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