February PMIs show the recovery gains momentum while headwinds loom large

Summary

China’s official manufacturing PMI (released by NBS today) picked up to 51.6 in February from 51.3 in January, well above market expectations (Consensus: 51.2).Both of the manufacturing PMI outturns have been above the 50 watershed level in 7 consecutive months since last August , suggesting the economic recovery continues with a solid pace.

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