China's Caixin S&P Global Manufacturing Purchasing Managers' Index (PMI) rose from 51.4 in April to 51.7 in May, according to the latest data released on Monday.
The reading beat the market consensus of 51.5 in the reported month.
Key highlights (via Caixin)
Production expands at most pronounced pace since June 2022.
Fastest purchasing activity growth in three years as confidence improves.
Input price inflation rises to seven-month high.
"Both supply and demand expanded amid the upturn. Growth in manufacturers’ output reached a 23-month high in May, with particularly strong increases in consumption goods production,” said Wang Zhe, an economist at Caixin Insight Group.
Wang added, “total new orders registered the 10th straight month of growth, although demand for intermediate goods was relatively weak.”
AUD/USD reaction to China’s PMI data
The upbeat Chinese Manufacturing PMI underpins the sentiment around the Aussie Dollar, as AUD/USD flirts with intraday highs near 0.6665, at the time of writing, up 0.18% on the day.
