Over the weekend, China’s official PMIs for June were released:
Today we get the Caixin Manufacturing PMI which was privately surveyed. This remained in expansion in May despite the National Bureau of Statistics’ manufacturing PMI falling into contraction.
This image is from the ForexLive economic data calendar, You can access it here.
The times in the leftmost column are GMT.
The numbers in the right column are the “previous” result (previous month/quarter as the case may be). The number in the column next to that, where there is a number, is the expected consensus average.
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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 media company Caixin and research firm Markit/S&P Global.
- The official PMI survey covers large, state-owned enterprises, while the Caixin PMI survey covers small and medium-sized enterprises. As a result, the Caixin PMI is considered a more reliable indicator of private sector performance in China.
- Another difference between the two surveys is their methodology. The Caixin PMI survey uses a wider sample of companies than the official survey.
- Despite these differences, the two surveys often (but not always!) provide similar readings about China’s manufacturing sector.