China’s manufacturing activity stalled its rapid expansion in September, as the economy recovered further from the fallout of the COVID-19 pandemic.
China’s Caixin Manufacturing PMI to 53.0 in September vs. 53.1 expected and 53.1 booked in August.
In August, the gauge hit a high unseen since the start of 2011 and remaining in expansionary territory for the fourth month in a row.
Commenting on the China General Manufacturing PMI ™ data, Dr. Wang Zhe, Senior Economist at Caixin Insight Group said:
“The recovery in manufacturing has maintained its momentum in the wake of the Covid-19 epidemic, with both the supply and demand surging. The subindex of total new orders rose to the highest since January 2011, helped by sharply rebounding overseas demand. The gauge for new export orders climbed to the highest in three years.”
Market reaction
AUD/USD consolidates the recovery rally around 0.7135, as the main event risk for today remains the US Presidential election debate, which keeps the US dollar broadly under pressure.
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