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<Research>Citi: CN Nov PMI Weak but Growth Momentum Stable; PBOC May Resume Rate/ RRR Cuts in Jan 2026
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Although China's November manufacturing PMI data was generally weak, the underlying growth momentum might stay steady, given that new orders and price indicators are picking up, and finished goods are being destocked, Citi said in its research report. Coupled with the effect of the previously launched RMB500 billion policy financial tool that may start to kick in, Citi maintained its forecast for China's full-year GDP growth at 5%. The broker believes the next policy window will be after the Central Economic Work Conference, which was held on December 11-12 last year. The People's Bank of China (PBOC) may resume rate or RRR cuts in January 2026. The report also highlighted that China's manufacturing PMI remained sluggish at 49.2 in November 2025, up 0.2 ppts from October, but still below market consensus. Despite seasonal improvements, the PMI has been in contraction territory for eight consecutive months, marking the longest record in history. AAStocks Financial News |
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