China Caixin Manufacturing PMI: Contracts to 50.4 from 51.7, AUD bears in play

The Caixin China Manufacturing PMI has been released as follows:

• July: 50.4 (exp 51.5; prev 51.7).

China's factory activity expanded at a slower pace in July, as growth momentum softened in output, new orders and employment, a private sector poll showed on Monday.

''China's major manufacturing hubs, including the commercial hub Shanghai, saw a solid rebound in June from widespread COVID lockdowns in spring, but the recovery has started to fade amid fresh virus flare-ups and weakening domestic and global demand, as well as a prolonged property market slump.

The findings were slightly better than the government's official PMI on Sunday that showed China's factory activity unexpectedly contracting in July. The Caixin survey is believed to focus more on smaller, export-oriented companies,'' Reuters reported. 

The 50-point index mark separates growth from contraction on a monthly basis.

Meanwhile, AUD/USD is a touch softer on the data. 

The pair has been pressured at the start of the week from 0.6990 to a low of 0.6986 so far. 

About China Caixin PMI

The Caixin China Manufacturing PMI™, released by Markit Economics, is based on data compiled from monthly replies to questionnaires sent to purchasing executives in over 400 private manufacturing sector companies.