A snapshot of data from China: Official Manufacting PMI stands at 51.0. As insight, Reuters poll was at 51.2 while July’s data stands at 51.1. China services PMI came in at 55.2 vs 54.2 in July while China’s August composite PMI is at 54.5.
Both manufacturing and non-manufacturing PMI, nested comfortably above the 50 expansion/contraction – signals robust growth. New orders for domestic use experienced faster growth, although new export orders continued to shrink (although at a slower rate).
Overall, the implication are positive for risk assets such as equities and currencies linked to trade such as AUD.
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