The purchasing managers’ index (PMI) for China’s manufacturing sector jumped to 51.1 in July from 50.9 in June, the National Bureau of Statistics (NBS) said Friday. The actual data bettered the consensus estimate of 50.7.
A reading above 50 indicates expansion, while a reading below reflects contraction.
Meanwhile, the Non-Manufacturing PMI decreased slightly to 54.2 in July from 54.4 in June but bettered estimates of 51.2.
The better-than-expected NBS PMI could strengthen the bid tone around the Aussie dollar, other commodity dollars, and base metals. Take note that the NBS figure mainly focuses on state-owned enterprises.