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Chinese PMI rebounds as Iran impacts start trickling through
China's manufacturing PMI rebounded to 50.4 in March, up sharply from 49.0 in February. This came in stronger than market expectations and reached a 12-month high. Although the official PMI and industrial production trends have generally shown looser-than-normal correlation over the past year, they nonetheless suggest a solid start to the year for China's industrial activity. The recovery was broad-based. Production (51.4), new orders (51.6), new export orders (49.1), and employment (48.6) all increased on the month. The new export orders subindex, in particular, reached its highest level since April 2024, as ... (full story)