China's manufacturing PMI rose to 50.1 in September from 49.8, as Beijing paired a PBOC rate cut and expanded relending facilities with a new mortgage subsidy, both aimed at tech and infrastructure, not property.
Mysteel notes 12 of 21 surveyed industries were above 50 in September, four more than in August, as official manufacturing PMI edged back into expansion just before Golden Week. Source
China's manufacturing PMI rose to 50.1 in September from 49.8 in August, pulling the index out of a two-month stretch below the expansion line right as Beijing front-loaded a dense stimulus package into the final days before Golden Week. The timing was not an accident. A State Council meeting on September 28, a rate cut and credit expansion from the People's Bank of China (PBOC) on September 29, and a nationwide mortgage subsidy launched October 1 all landed inside the same 72 hours, just ahead of the National Bureau of Statistics release that confirmed the bet had started to pay off on paper.
