The Caixin China Composite PMI data (which covers both manufacturing and services) signalled a further strong rise in overall Chinese business activity in February, despite the pace of expansion softening since January. At 53.3 in February, the Composite Output Index fell only slightly from a seven-year record of 53.7 at the start of the year.

Activity continued to expand across both the manufacturing and service sectors in China during February, albeit at weaker rates than recorded at the beginning of the year. Nonetheless, growth in services activity held close to January's 68-month record and remained solid overall, as shown by the seasonally adjusted Caixin China General Services Business Activity Index declining only slightly from 54.7 to 54.2 in February. Meanwhile, manufacturing output increased at a pace that, though modest, was the second-fastest seen in the past year.