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fxJul 1, 2026, 6:48 PM

China PMI Data Surprises Upside, Tempers Easing Expectations

China's manufacturing and non-manufacturing PMIs beat expectations, reducing pressure for immediate policy easing, according to MUFG strategist Michael Wan.

CNY

MUFG analyst Michael Wan notes that China's latest PMI readings for both manufacturing and non-manufacturing sectors surprised to the upside. The stronger-than-expected data eases fears of an imminent policy loosening, as the economy shows resilience.

The PMI releases come amid close market watch for signs of further stimulus from Chinese authorities. The upside surprise may delay expectations for rate cuts or other easing measures in the near term.

Market participants are now reassessing the likelihood of near-term policy action, with the data suggesting the economy may not require immediate support.

Source: FXStreet Forex News