ICYMI, China is out on holiday today and all of next week. If you've been waiting on the People's Bank of China CNY reference rate I probably should have mentioned this earlier - none today or next week.
We will be getting the National Bureau of Statistics (NBS) official PMIs on Saturday though:
As you can see, improvement is expected. Via ING:
- manufacturing activity contracted for five consecutive months between March and August
- Recently released data on Chinese industrial profits showed a rise after five consecutive contractions, which might signal that the economy has stabilised to a certain extent.
- We believe that the official manufacturing PMI for September will show a slight expansion reading of 50.2. With the improvement in recent activity data including retail sales, the non-manufacturing PMI may also increase slightly to 51.3.
Improvement will be very welcome indeed.
