- Despite $1 Trillion In Liquidity, China Manufacturing & Services PMIs Plunge To Dec 2008 Lows
by Tyler Durden, www.zerohedge.com
So, after $1 trillion in new credit, numerous RRR cuts, a devalued currency (great for exporters, right?), and the domestic exuberance of a housing bubble, China’s economy (manufacturing and non-manufacturing) collapsed to cycle lows (weakest since Dec 08) in February. Of course, this plunge after January’s bounce is all being blamed on the Lunar New Year… and in fact,according to The NBS, manufacturing confidence is increasing (seriously that’s what they said!)
* CHINA MANUFACTURING PMI AT 49.0 IN FEB. (49.4 EXP.)
* CHINA NON-MANUFACTURING PMI AT 52.7 IN FEB.
Does this look like “confidence” to you? (chart top of post)