China’s factory activity expanded at fastest pace in a decade, export orders back to growth for first time this year – private survey

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China’s manufacturing activity expanded in August at the fastest pace in nearly a decade, indicating that the economy continues to bounce back from the coronavirus fallout, shows a private survey on Tuesday.

The Caixin/Markit manufacturing Purchasing Managers’ Index (PMI) came in at 53.1 for August, picking up from 52.8 in July. That compares to 52.7 expected by analysts in a Reuters survey.

PMI readings above 50 indicate expansion, while those below that level signal contraction. The readings are sequential and indicate month-on-month expansion or contraction.