China’s Caixin manufacturing PMI above expectations

Manufacturing activity in China grew at its fastest pace in more than three years on output gains.

The Caixin/S&P Global manufacturing PMI rose to 51.8 in June from 51.7 in the previous month, the fastest increase since May 2021 and beating analysts’ estimates of 51.2.

The index, which covers mostly smaller, export-oriented firms, has remained above the 50-point mark that separates growth from contraction for eight consecutive months.

The increase in manufacturing activity reached a two-year high in June. The order index, which measures demand, including the index for orders abroad, remained in growth territory last month.