China: PMI jumped sharply back up – TDS

China's manufacturing PMI jumped sharply back up in March, more than reversing its February losses, rising to its strongest since September 2017, economists at TD Securities report. USD/CNY is trading at 7.0976.

Key quotes

“The PMI moved sharply back into expansion to 52.0 (mkt 44.8, TD 42.0) from 35.7 in February, its strongest reading since September 2017.”

“The PMI breakdown revealed a major bounce back in output to 54.1, its highest since May 18. New orders also bounced to 52.0, its highest since September 18.”

“The non-manufacturing PMI recorded an even bigger jump to 52.3 from 29.6, with the composite PMI rising to 53.”