China's Caixin Manufacturing PMI rises to 51.1 in March vs. 51.0 expected

China's Caixin Manufacturing Purchasing Managers' Index (PMI) edged higher to 51.1 in March, as against the expansion of 50.9 in February, according to the latest data released on Tuesday.

The reading beat the market forecast of 51.0 in the reported month.

Key highlights (via Caixin)

"Both supply and demand expanded at a faster pace amid the market upturn. In March, growth in manufacturers’ output and total new orders accelerated, with the former hitting a 10-month high,” said Wang Zhe, an economist at Caixin Insight Group.

Wang added, “external demand also picked up pace thanks to the recovery in the global economy, pushing the gauge for new export orders to its highest level since February 2023.”

On Sunday, China’s National Bureau of Statistics (NBS) released the country’s official Manufacturing Purchasing Managers' Index (PMI), which jumped to 50.8 in March, compared with the 49.1 contraction reported in February and above the estimates of a 49.9 figure. The Non-Manufacturing PMI rose to 53.3 in the same period vs. February’s 51.4.

AUD/USD reaction to China’s PMI data

The uptick in the Chinese Manufacturing PMI fails to impress the Aussie Dollar, as AUD/USD  clings to gains at 0.6525, at the time of writing, up 0.08% on the day.