In March, the Business PMI increased from 53.4 to an all-time high 63.6.
According to the March survey,
- A sharp increase in the production sub-index from 58.4 to 66.8 and the new orders sub-index from 58.0 to 72.5 drove the PMI to its all-time high.
- The employment sub-index saw a more modest rise from 50.2 to 53.5
The Kiwi Dollar moved from $0.71740 to $0.71767 upon release of the figures. At the time of writing, the Kiwi Dollar was down by 0.25% to $0.7152.
GDP and March industrial production figures were in focus this morning.
In the 1st quarter, the China economy expanded by 0.6%, quarter-on-quarter, following 2.6% growth in the 4th quarter. Economists had forecasted growth of 1.5%.
Year-on-year, the economy expanded by 18.3%, versus a forecasted growth of 19.0%. In the 4th quarter, the economy had expanded by 6.5% year-on-year.
Industrial production was up by 14.1% in March, year-on-year, falling short of a forecasted 17.2% rise. In February, industrial production had risen by 35.1%.
Other stats from China included fixed asset investment, unemployment, and retail sales figures.
Fixed asset investment rose by 25.6% year-on-year, coming in ahead of a forecasted 25.0% rise. In February, fixed asset investment had increased by 35.0%.
Retail sales increased by 34.2%, which was better than a forecasted 28%. In February, retail sales had risen by 33.8% year-on-year.
Finally, the unemployment rate fell from 5.5% to 5.3% in March. Economists had forecast for unemployment to hold steady at the end of the quarter.
The Aussie Dollar moved from $0.77345 to $0.77241 upon release of the figures. At the time of writing, the Aussie Dollar was down by 0.35% to $0.7725.
At the time of writing, the Japanese Yen was down by 0.08% to ¥108.85 against the U.S Dollar.