China official February PMI - Manufacturing 49.9 (expected 49.7), Non-manufacturing 53.9

China official manufacturing and non-manufacturing (services) PMI results for February out now

Manufacturing PMI for February: 49.9

• expected 49.7
• prior was 49.8

Non-manufacturing PMI for February: 53.9

• prior was 53.7

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• Improvement for both over January, manufacturing still in the contraction zone
• Manufacturing PMI in contraction for second consecutive month (January was a 28-month low)

The big news from China this weekend has been the rate cuts from the People’s Bank of China.

Mike with the headlines earlier that the PBOC had announced they are cutting benchmark interest rates by 0.25%

• lending rate now 5.35%
• savings rate now 2.5%
• deposit rate now 2.5%
• will lift ceiling for floating range for savings rates to 1.3x benchmark

And Adam following with more, here