China November PMIs: Manufacturing 49.4 (expected 49.7) Services 50.2 (expected 51.1) | Forexlive

Composite 50.4, prior 50.7

Manufacturing
activity contracted for a second straight month, falling deeper into contraction.

Both services and manufacturing disappointed relative to the median estimates, and slower than October.

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The data disappointment trimmed a few tics from AUD. US equity index futures off tiny also.

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China has two primary Purchasing Managers’ Index (PMI) surveys – the official PMI released by the National Bureau of Statistics (NBS) and the Caixin China PMI published by the media company Caixin and research firm Markit / S&P Global.

• The official PMI survey covers large and state-owned companies, while the Caixin PMI survey covers small and medium-sized enterprises. As a result, the Caixin PMI is considered to be a more reliable indicator of the performance of China’s private sector.
• Another difference between the two surveys is their methodology. The Caixin PMI survey uses a broader sample of companies than the official survey.
• Despite these differences, the two surveys often provide similar readings on China’s manufacturing sector.