China NBS Non Manufacturing PMI
Published:
China NBS Non-Manufacturing PMI is a survey-based measure of activity in China’s services and construction sectors. Readings above 50 generally signal expansion, while readings below 50 signal contraction.
Full explanation
The index is part of the official PMI system published by China’s National Bureau of Statistics. It is based on purchasing managers’ survey responses for non-manufacturing businesses, including indicators such as business activity, new orders, employment, supplier delivery time and expectations.
Why traders watch it
Traders watch it as an early gauge of domestic demand and service-sector momentum in China. It can affect sentiment toward CNY, Asian FX, commodities and China-exposed equities.
Stronger vs weaker outcomes
A stronger-than-expected reading may point to firmer non-manufacturing activity, while a weaker reading may suggest softer services or construction momentum. The impact may differ depending on whether the move is driven by services, construction or expectations components.
Typical volatility
PMIs measure the direction and breadth of change, not the exact size of output growth. Holiday timing, policy measures and sector mix can affect month-to-month comparisons.
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