Friday, July 10, 2020
Martin Hennecke

China's factory activity steps up
China's factory activity showed signs of improvement in November, with growth picking up to a near three-year high, a private sector survey showed on Monday, reinforcing government data released over the weekend. The Caixin/Markit manufacturing Purchasing Managers' Index index rose to 51.8 in November from 51.7 the previous month, marking the fastest expansion since December 2016. The official Manufacturing Purchasing Managers' index rose to 50.2, according to data released by the National Bureau of Statistics. But analysts remain worried about deflationary risks in the sector, unconvinced the worst is over for Chinese manufacturers. "The improvement last month was driven by different factors across the two manufacturing indices, making it hard to pinpoint the reason for the apparent uptick industrial activity," Julian Evans-Pritchard, Senior China Economist, said on Monday. Meanwhile, China's central bank governor took a cautious tone on the health of the global economy, while signaling that the nation's monetary policymakers will continue to refrain from large-scale easing. Policy should be prepared for a "mid- and long-distance race" and stick to a conventional approach as long as possible, said Governor Yi Gang.
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