Caixin China Manufacturing PMI (Flash reading) for September: 47.0(expected 47.5)

Caixin China Manufacturing PMI (Flash) for September

• Expected is 47.5
• Prior of 47.3

Lowest since March 2009 ... so that makes today's result a 6 and a half year low ... Another dreadful result

AUD marked down immediately, not surprisingly

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Dr. He Fan, Chief Economist at Caixin Insight Group said:

• "The Caixin Flash China General Manufacturing PMI for September is 47.0, down from 47.3 in August.
• The decline indicates the nation's manufacturing industry has reached a crucial stage in the structural transformation process.
• Overall, the fundamentals are good.
• The principle reason for the weakening of manufacturing is tied to previous changes in factors related to external demand and prices.
• Fiscal expenditures surged in August, pointing to stronger government efforts on the fiscal policy front.
• Patience may be needed for policies designed to promote stabilization to demonstrate their effectiveness."