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Over the weekend, China’s official purchasing managers’ indices for June were released:
Today we got the specially polled Caixin Manufacturing PMI. This remained expanding in May despite the ONS’s manufacturing PMI falling into contraction.
This snapshot is from the ForexLive economic data calendar, You can access it here..
The times in the left column are GMT.
The numbers in the far right column are the “previous” result (previous month/quarter as the case may be). The number in the column next to that, where there is a number, is the expected consensus average.
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China conducts two major Purchasing Managers’ Index (PMI) surveys – the official PMI released by the National Bureau of Statistics (NBS) and the China Caixin PMI published by media company Caixin and research firm Markit/S&P Global.
- The official PMI survey covers large, state-owned enterprises, while the Caixin PMI survey covers small and medium-sized enterprises. As a result, the Caixin PMI is considered a more reliable indicator of private sector performance in China.
- Another difference between the two surveys is their methodology. The Caixin PMI survey uses a broader sample of companies than the official survey.
- Despite these differences, the two surveys often (but not always!) give similar readings for China’s manufacturing sector.
