China: February manufacturing PMI data preview – ING

Tim Condon, Chief Economist at ING, sees more upside than downside risk to the consensus forecasts of Chinese manufacturing PMI data from the huge increase in credit in January.

Key Quotes

“The manufacturing and non-manufacturing PMIs for February are due tomorrow, the official indexes at 9am and the Caixin indexes at 9:45am. The consensus forecasts are 49.4 for the official manufacturing index, unchanged from January, and 48.4 for the Caixin index, also unchanged.

We see more upside than downside risk to the consensus forecasts from the huge increase in credit in January.”