China's Economic Recovery Shows Mixed Results
TL;DR Summary
China's services sector, which accounts for 55% of GDP and 48% of employment, saw a surge in activity in March, with the official non-manufacturing Purchasing Managers’ Index (PMI) reaching its highest level since 2011. The country's economic recovery gained traction, buoyed by a resurgence in consumer spending and fiscal support for the construction industry. The strong PMI data lifted investor sentiment, with the Chinese yuan strengthening against the US dollar. China has rolled out measures to boost growth and lift business confidence, including a surprise rate cut and plans to launch an "Invest in China Year" in 2023.
- China's services activity jumps to decade high as economic recovery gets back on track CNN
- China March Manufacturing PMI at 51.9, Beating Estimate Bloomberg Television
- NZD/USD jumps to fresh weekly high near 0.6300 on upbeat China PMI FXStreet
- Australian Dollar Looks Past China PMI Data, Focus is Now on Key Fed Inflation Gauge DailyFX
- China factory owners feel pain of stumbling post-COVID recovery Nikkei Asia
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