The Caixin China Composite PMI data (which covers both manufacturing and services) signalled a slight softening of growth momentum across China at the start of 2017. At 52.2 in January, the Composite Output Index fell from December's 45-month high of 53.5 to indicate a moderate rate of expansion that was the slowest since September 2016.

The decline in the composite index coincided with slower increases in both manufacturing and services activity at the start of the year. Notably, manufacturing companies saw the rate of output expansion ease from December to a four-month low. Although services activity growth also slowed, it remained solid overall and similar to that recorded in the prior two months.