China factory activity unexpectedly expands, but economy unable to shake off virus shock - News Summed Up

China factory activity unexpectedly expands, but economy unable to shake off virus shock


Analysts polled by Reuters had expected the March PMI to come in at 45.0. China's yuan, however, didn't budge, reflecting analysts' broad views that a sustainable bounce in manufacturing activity looked some way off despite a slowdown in China's coronavirus infections from its peak in February. China's service sector activity also expanded, with official non-manufacturing PMI coming in at 52.3, from 29.6 in February, a separate NBS survey showed. The service sector now makes up a larger share of China's economy than at the time of the 2002/03 SARS coronavirus epidemic, accounting for about 60pc of the country's Gross Domestic Product (GDP). "The situation remains volatile as the trajectory of the COVID-19 virus outbreak in several key economies is still unpredictable," ANZ analysts said in a note.


Source: Irish Independent March 31, 2020 06:33 UTC



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