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‘Overall the fundamentals are good’ – Caixin’s Chief Economist Dr. He Fan

FXStreet (Mumbai) - Shortly after the release of the weak Chinese PMI survey, Dr He Fan, Chief Economist at Insight Group, played down risks emanating from the tepid data.

Key Quotes:

"The Caixin Flash China General Manufacturing PMI for September is 47.0, down from 47.3 in August.”

“The decline indicates the nation's manufacturing industry has reached a crucial stage in the structural transformation process.”

“Overall, the fundamentals are good. The principle reason for the weakening of manufacturing is tied to previous changes in factors related to external demand and prices.”

“Fiscal expenditures surged in August, pointing to stronger government efforts on the fiscal policy front. Patience may be needed for policies designed to promote stabilization to demonstrate their effectiveness."

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The cross in the AUD/JPY received a double blow from the China PMI-sparked deepening risk-off sentiment as the Aussie remains heavily dumped while yen strengthened versus the greenback.
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Australia: Not a very innovative nation - NAB

Research Team at NAB, note that according to the NAB’s Quarterly Business Survey, Australian business does not believe that we are a highly innovative nation and just 13% of all firms rate Australia as “highly innovative” (and only 6% of very large firms).
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