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China Manufacturing Growth at 6-month High Despite Crisis

The Caixin China General Manufacturing PMI unexpectedly rose to 51.2 in June 2020 from 50.7 in the previous month and beating market consensus of 50.5.

This was the highest reading since December last year, supported by the recent easing of COVID-19 measures. Output grew further on the back of a renewed increase in new orders. Also, buying levels rose the most since January 2018.

Meantime, export work continued to fall due to weak global demand. Also, employment dropped for six straight months, while outstanding business rose again. At the same time, vendor performance deteriorated slightly as travel restrictions continued to impact logistics. On the price front, input prices increased for the first time in four months.

However, selling prices rose slightly as overall pricing power was restricted due to tough market competition. Finally, sentiment hit its highest since February.

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