Well-known Chinese financial site Caixin recently released its official Chinese Manufacturing PMI index number for July. It was 47.8 – lower than the June number of 49.4. The Caixin PMI was formerly known as the HSBC PMI, which was a well-respected economic indicator that financial institutions widely monitored globally. The British financial company Markit formed the PMI and Caixin recently took it over from HSBC to become the sponsor for the PMI index. The Caixin PMI has been below 50 for five consecutive months so far. Based on sub-indexes under this PMI, in July, both total new business and new exports were on the decline. Manufacturing output suffered the largest decline since November 2011. The employment level in manufacturing has declined for the past 21 consecutive months. PMI (Purchasing Managers Index) is an indicator of financial activity reflecting purchasing managers’ acquisition of goods and services. A PMI number below 50 typically reflects a decline.
In the meantime, Xinhua reported that, according to The General Administration of Customs, China’s July exports declined 8.9 percent, year-over-year. Exports to Europe suffered the greatest loss.
Source: Caixin, August 3, 2015
http://economy.caixin.com/2015-08-03/100835560.html
Source: Xinhua, August 8, 2015
http://news.xinhuanet.com/fortune/2015-08/08/c_1116188457.htm