China's manufacturing purchasing managers' index (PMI) bettered expectations to remain in the expansion territory for the second month in a row in December.
The PMI for China's manufacturing sector came in at 50.2 in December, matching November's print and beating the estimate of 50.1, the National Bureau of Statistics (NBS) said Tuesday. The PMI for non-manufacturing came in at 53.5, missing the expected reading of 53.6 and down from November's 54.4.
An above-50 reading indicates expansion, while a reading below 50 represents contraction.
The above-forecast Manufacturing PMI is yet another sign the economy has passed the short-term low point. The gauge rose above 50 in November, unexpectedly ending six straight months of contraction as Beijing's accelerated stimulus measures buoyed domestic demand.
Source : Fxstreet