China S&P Global Manufacturing PMI (August 2025) comes in way above expected and a big jump from July at 50.5

  • expected 49.5, prior 49.5

The fastest growth in five months:

  • The expansion beat expectations (49.7) and contrasted with the official PMI, which showed contraction.

  • Supply and demand showed significant improvement.

  • Continued postponement of tariffs at the end of July helped slow the pace of contraction in new export business

  • Overall new orders grew at the quickest pace since March, but export orders shrank for a fifth straight month.

  • Rising demand led to the fastest build-up of backlogged work in six months.

  • Employment fell for a fifth consecutive month as firms stayed cautious despite capacity pressures.

  • Input costs climbed at the steepest pace since Nov 2024, though selling prices stayed flat due to competition.

  • Business confidence improved, reaching its highest since March, but economists warn tariffs, frontloaded exports, and the property slump could weigh on momentum.

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This was formerly known as the Caixin PMI, now its sponsored by 'Rating Dog'.

Rating Dog?

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Over the weekend:

Source: Forex Live