CHINA'S FLASH PMI RISES TO 24-MONTH HIGH

The headline number climbed to 51.9, a 24-month high.

Economists surveyed by Bloomberg were looking for a reading of 51.7, which is a tad higher than last month's reading of 51.5.

Any reading above 50 signals growth.

Here's HSBC Economist Hongbin Qu:

“At 51.9, January’s HSBC China manufacturing PMI rose for the fifth consecutive month to the highest level in two-years, heralding a good start to the New Year. Thanks to the continuous gains in new business, manufacturers accelerated production by additional hiring and more purchases. Despite the still tepid external demand, the domestic-driven restocking process is likely to add steam to China's ongoing recovery in the coming months.”

Here's a breakdown of the subcomponents via Markit:

Flash is a preliminary reading of growth in China's manufacturing sector.

After slowing briefly last year, China's economy has begun to accelerate again.

Economists will scrutinize all upcoming reports for confirmation that this growth is real.

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