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China's February flash PMI was disappointing: BBVA
But CNY could have distorted results.
According to BBVA, China’s February HSBC flash manufacturing PMI fell to 50.4% from a two-year high of 52.3 in January.
"However, the outturn was heavily distorted by the Chinese New Year (CNY) timing, and as such there was little if any negative market reaction (the Shanghai Composite finished up by 0.5% on the day)," BBVA said.
"The official PMI will be released on March 1, and we await a more significant batch of data on March 9 when combined January/February activity indicators will be released. In the meantime, we believe that growth momentum continues to pick up, in line with our 8.0% GDP growth projection for 2013," it added.
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