China PMI February Update

Economy

China’s official manufacturing Purchasing Managers’ Index (PMI), published by the country’s National Bureau of Statistics, rose to a three-month high of 51.6 in February, up from 51.3 in January, signalling an acceleration in the pace of expansion in the manufacturing sector.  Meanwhile, the country’s steel sector PMI climbed to the highest level since April 2016 at 51.4 in February, rising above the 50 benchmark that separates expansion from contraction for the first time since December, according to the China Federation of Logistics and Purchasing.