China’s Manufacturing Activity Picks Up in November
China’s manufacturing activity posted a surprising jump for the first time in seven months during November, boosted by stronger domestic demand. China’s Caixin Manufacturing PMI climbed higher to 51.8 in November from 51.7 in the previous month, the fastest pace of growth seen in three years.
The positive change was driven by an increase in new business while new export orders rose for the second consecutive month in November. Employment in the manufacturing sector remained stable during this period after declining for seven straight months.
Analysts indicate that if the US-China trade negotiations continue to make progress towards an interim trade agreement, China’s manufacturing sector growth can pick up and improve even more. For now, although the sector did see a growth in the previous month, business confidence among manufacturers in China continues to weaken.
This data release has failed to make much of an impact on the Cbinese yuan, with USD/CNH trading somewhat steady around 7.03 after a brief dip lower.
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