China's March PMIs Leap on Subsiding Covid-19
Zhang Yushuo
DATE:  Mar 31 2020
/ SOURCE:  yicai
China's March PMIs Leap on Subsiding Covid-19 China's March PMIs Leap on Subsiding Covid-19

(Yicai Global) March 31 -- China's purchasing managers' indexes surged out of all-time lows in February this month as many companies got back to work following closures due to Covid-19.

The manufacturing PMI was 52, up 16.3 points, and the non-manufacturing PMI was up 22.7 points at 52.3, the National Bureau of Statistics said today. A reading above 50 signals expansion, below indicates contraction.

The rising PMI shows companies are returning to work but does not suggest production has returned to pre-epidemic levels, an official at the bureau said, adding that movements in a constant direction for three straight months are what defines a trend.

The NBS runs one of China's two PMIs, which tracks 3,000 companies that are mostly large and state backed. The second is the Caixin PMI, also known as the Caixin-Markit PMI, which surveys 500 businesses that are typically smaller and privately owned.

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Keywords:   PMI,PMI Manufacturing Index,PMI Non-Manufacturing Index