FXStreet reports that economist at UOB Group Ho Woei Chen, CFA, reviewed the recent data releases in the Chinese economy.

“The manufacturing PMI from CFLP surged by 0.7 point to 52.1 in November, its highest reading since September 2017. The CFLP non-manufacturing PMI also came in above expectation at 56.4 in November, up 0.2 point from October. The reading is at its highest since June 2012. Both readings suggest that there is no letting up in China’s economic recovery momentum in 4Q, supported by strong seasonal demand with higher spendings expected in lieu of holiday travel.”

“We maintain our 4Q20 GDP growth forecast at 6.2% y/y (3Q20: 4.9%) with our full-year 2020 GDP growth at 1.9%.”