磐石金融：No 646 - Differing price dynamics of East and West

　　BANDSFinancial6Kx爱金融｜一站式招商信息整合平台 期货|外汇|现货代理

　　磐石金融有限公司（ BANDS Financial Limited ）在香港注册成立，是一家持有香港证监会（SFC）2号牌照的期货经纪公司，业务涉及中国以外全球大部分活跃期货及期权市场。6Kx爱金融｜一站式招商信息整合平台 期货|外汇|现货代理

　　Yesterday we had the official China NBS Manufacturing PMI which rose to 51.9 in March from 50.6 in February, outperforming the market consensus of 51.0. The NBS Non-Manufacturing PMI rose strongly to a four-month high of 56.3 in March against 51.4 in February significantly above market expectations of 51.9. As one would expect this was the twelfth straight month of growth in the service sector, as the economy recovered from the limitations of lockdownHowever, this morning we had the Caixin Manufacturing PMI which unlike the official NBS numbers is derived from a survey of 430 private industrial companies, therefore tends to be a survey of the smaller SME sector. Coming in at 50.6 for March from 50.9 in February and below market expectations of 51.3, it is the lowest data point since April 2020 and might be considered a disappointment. It is possible the gradual monetary tightening is already being felt in the private SME sectorCertainly, the 1Q21 GDP growth rate YoY which will be published on the 16th April will likely be a record (place your bets somewhere around 15%-18%, previous 6.5%) due to base effects. But will policymakers in Beijing be impressed, or sensing an inflationary storm just over the horizon, see it as an opportunity to continue to batten down the hatches and to press leverage/borrowing down. For Beijing, 2021 will not be about the “big” numbers, but the foundation on which they are built.So, following the launch of the political process to get the Biden USD 2tn infrastructure spending package approved. The differing dynamics of east and west could not be more clearly marked, the result of which may probably be found in the price dynamics of their respective commodity markets. Have a good day6Kx爱金融｜一站式招商信息整合平台 期货|外汇|现货代理

　　Joh6Kx爱金融｜一站式招商信息整合平台 期货|外汇|现货代理