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China: Manufacturing, services PMIs hold above 50

China Manufacturing and services PMIs hold above 50

Data from Chinese authorities showed on Thursday that the indicators of manufacturing and non-manufacturing PMI had stabilized above 50 points for a second consecutive month, which indicates that the two sectors continue to improve slightly with the return of life again in China.

The Manufacturing PMI recorded 50.8 points in April, down from 52.0 a month earlier, coming below expectations of 51, but still higher than the 50 levels, which is a positive indicator for the Chinese economy.

Also, the non-manufacturing PMI rose from 52.3 to 53.2 during the same period, higher than forecasts of 52.7 points.

Nevertheless, talks about economic recovery in China still premature as the world’s second biggest economy is still not operating in full power, while global economies are still in lockdowns.

Regarding to Covid-19 latest situation, China has returned to record new infections, where the total infections totaled 82,862, while the deaths toll stood at 4,633.

As of 08:39 GMT, the offshore yuan was 0.24 percent lower versus the U.S. dollar at 7.0573, while the onshore yuan traded 0.34 percent down at 7.0515.

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