China's Caixin manufacturing PMI below expectations in March

The manufacturing purchasing managers index, compiled by Caixin/Markit, fell to 50.0 in March from 51.6 in February. China’s Caixin/Markit manufacturing purchasing managers index was 50 for March, compared with economists’ expectations of 51.7. The March reading was down from 51.6 in February, when it was above the 50 level that separates growth from contraction. “The foundations for economic recovery are not yet solid. Looking ahead, economic growth is still expected to be driven by growth in domestic demand, particularly an improvement in household consumption. The government can only achieve its goal of improving and restoring consumption by working hard to stabilize employment, boost household incomes and improve market prospects,” Wang Zhe, senior economist at Caixin Insight Group, said in an assessment.