China PMI rebounds in March to 50.1
China's manufacturing activity expanded in March for the first time since December, the government said Wednesday, a bright spot as the world's second-largest economy fights a broad slowdown in growth. The official Purchasing Managers' Index (PMI) released by the National Bureau of Statistics (NBS) came in at 50.1 last month, up from 49.9 in February and the first result showing expansion since a similar 50.1 in December. The index, which tracks activity in factories and workshops, is considered a key indicator of the health of China's economy, a major driver of global growth. "After a string of disappointing data, the improvement in the official PMI is welcome news and suggests that the recent rate cuts and pick-up in bank lending growth may be helping to support large firms," Julian Evans-Pritchard, China economist at Capital Economics, wrote in a reaction to the data.
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