China manufacturing seeing signs of renewed expansion

Latest Markit/HSBC Flash PMI exceeds 50 threshold.

According to BBVA, this is the first time since October 2011 that the Markit/HSBC PMI has been above the 50 threshold, rising to 50.4 in November from a final reading of 49.5 in October.

For the research firm, the strong performance of the PMI index "indicates that manufacturing sector activity for small-and-medium enterprises is expanding once again."

With the good news, BBVA noted that the RMB responded favorably, ending the day at a record high against the USD at 6.2219.

"Together with other recently released macro data from China, the latest Flash PMI points to China’s improving growth momentum. Looking ahead, we will be closely watching the upcoming ”official” PMI (due out on Dec 1st) as well as important November activity indicators due around Dec 9th for further signs of growth stabilization. We expect China’s growth will pick up in the fourth quarter and improve further in the first quarter of next year," said BBVA.

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