It’s been coming for a while. China’s February PMI is out and weakened materially to 50.3. Internals were if anything weaker:
According to the scale of the enterprises, the PMI for large enterprises was 52.2% , down 0.4 percentage points from the previous month and still in the expansion range. The PMI for medium and small-sized enterprises was 49.0% and 44.8% , down 1.1 and 3.7 percentage points from the previous month respectively .
From the classification index, among the five sub-indices that make up the manufacturing PMI , the production index and new order index are above the critical point, and the raw material inventory index, practitioners index and supplier delivery time index are below the critical point.