Forex News

China manufacturing PMI retreats in January

China manufacturing PMI retreats in January

Official Purchasing Managers' Index for the manufacturing sector showed a retreat in January despite the fact the survey was conducted before the outbreak of the deadly Coronavirus epidemic.

Manufacturing PMI slipped to 50 in January from 50.2 in December, coming slightly below analysts' forecasts of 50.1.

“The impact of pneumonia caused by the new coronavirus has not yet (been) fully manifested,” the National Bureau of Statistics (NBS) said on Friday. “Future trends will need further observation.”

On the other hand, the non-manufacturing PMI gauge, tracking growth or contraction in both services and construction sectors, soared to 54.1 in January from 53.5. Analysts had predicted a reading of 53.1.

As of 08:18 GMT, the U.S. dollar was 0.04 percent down versus the offshore yuan at 6.9799, where the dollar is set for its second straight weekly gain.

Share Article