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MNI report: China business sentiment picks up in March
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Business conditions in China improved this month after deteriorating for two months, thanks to credit easing and recent depreciation of yuan which helps exporters.
The monthly MNI China Business Indicator rose to 53.4 in March from 50.2 in February, the first rise in three months, Market News International, a unit of Deutsche Boerse Group, said in a report today.
Credit availability was at a two-year high, a sign that the authorities have relaxed their firm grip on lending. The recent depreciation of yuan also has a positive impact on exporters, with more companies saying that it helped their business, said the report.
“This is the first snapshot of how the Chinese economy performed in March and we saw a pick-up from a five-year low in February,” said Philip Uglow, chief economist for MNI Indicators.
“Speculation has mounted that Chinese authorities back-peddled on their lending crackdown, and our survey clearly supports this view as companies reported easier access to credit. If it is Beijing’s goal to boost growth by devaluing the currency, evidence from our panel of companies suggests it is already reaping rewards,” he added.
Despite the pickup, the MNI business indicator averaged only 51.9 in the first quarter, down from 55.7 in the last quarter of 2013, and is the lowest since the third quarter of 2012.
According to the MNI report, the indicator has a strong correlation with the official data and its slowdown may suggest that GDP growth in the first quarter will ease from 7.7 percent in the previous quarter.
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