Confusion: US Equities Drift Lower (China Higher), Yuan Surges & Purges As China Manufacturing Misses (And Beats)

Confusion reigns… China’s Manufacturing PMI is in contraction according to both the Official and Markit/Caixin measures (but the former was flat and missed while the former rose and beat “confirming economic stability” according to the ‘official’ press). Following the largest strengthening fix for the Yuan in 10 years, both the onshore and offshore Yuan are weakening by the most since the August devaluation. Finally, having cliff-dived at the open, Chinese stocks have bounced back to unchanged on the Ciaxin PMI beat (but US equities drift lower still).

This post was published at Zero Hedge on 11/02/2015.