China SMEI: Seasonal recovery in March – Standard Chartered

Source Fxstreet

Headline SMEI rebounded to an 11-month high of 51.2 in March on better performance and expectations. Both manufacturing and services activity recovered; credit conditions turned more stable. Average readings suggest growth momentum inched up in Q1 and the outlook turned more positive, Standard Chartered's economists report.

Manufacturing growth slows in Q1; services improve          

"Our proprietary Small and Medium Enterprise Confidence Index (SMEI; Bloomberg: SCCNSMEI ) picked up to an 11-month high of 51.2 in March from an average 50.7 in January-February. The performance and expectations sub-indices edged up to 51.5 and  51.7, respectively, indicating a solid m/m recovery. Compared to Q4, the average prints for sales, price and investment returned to above 50 in Q1, while that of profitability declined further. All the expectations sub-indices stayed at 50 or above on average in Q1, largely picking up from Q4 levels, indicating a further improvement in SME sentiment."

"The performance sub-indices for manufacturing and non-manufacturing SMEs rebounded to expansionary territory in March. Key sub-indices such as production, sales, new orders and new export orders rose above 50. Real estate and construction SMEs continued to underperform. Activity in the accommodation and catering sector retreated after the Lunar New Year holidays. On average, the performance sub-index of non-manufacturing SMEs edged up to 50, while that of manufacturing SMEs fell 0.7pts from Q4 to 50.6, suggesting slower growth."

"The credit sub-index eased to 50.4 in March as credit conditions stabilised. Access to bank credit picked up slightly, but funding costs rose again after falling in February. That said, SMEs’ funding costs dropped compared to Q4. In addition, liquidity conditions improved. Notably, nearly 95% of surveyed SMEs said they expect a stable USD/CNY exchange rate in the coming three months."

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Gold Price Forecast: XAU/USD climbs to near $3,350 on uncertainty about Trump's tariff policiesThe Gold Price (XAU/USD) drifts higher to near $3,350 during the early Asian session on Monday after facing some profit-taking due to the long weekend. Uncertainty about US President Donald Trump's tariff policies and persistent geopolitical tensions continue to underpin the precious metal. 
Author  FXStreet
6 hours ago
The Gold Price (XAU/USD) drifts higher to near $3,350 during the early Asian session on Monday after facing some profit-taking due to the long weekend. Uncertainty about US President Donald Trump's tariff policies and persistent geopolitical tensions continue to underpin the precious metal. 
placeholder
Bitcoin’s Largest Holders Are Stacking Again — What It Means For The MarketAmidst the choppy price action, Bitcoin whales appear to be increasing their holdings, perhaps in anticipation of future price gains.
Author  NewsBTC
6 hours ago
Amidst the choppy price action, Bitcoin whales appear to be increasing their holdings, perhaps in anticipation of future price gains.
placeholder
Here are all the Trump insiders who sold off billions in stocks before tariff announcementExecutives from some of America’s biggest companies sold off billions of dollars in shares right before Trump’s tariff announcement hit the markets. The trades happened during the first quarter of 2025, as tension built around the White House’s next economic move.
Author  Cryptopolitan
5 hours ago
Executives from some of America’s biggest companies sold off billions of dollars in shares right before Trump’s tariff announcement hit the markets. The trades happened during the first quarter of 2025, as tension built around the White House’s next economic move.
placeholder
What Crypto Whales are Buying For May 2025Crypto whales are making bold moves heading into May 2025, and three tokens are standing out: Ethereum (ETH), Artificial Superintelligence Alliance (FET), and Onyxcoin (XCN).
Author  Beincrypto
5 hours ago
Crypto whales are making bold moves heading into May 2025, and three tokens are standing out: Ethereum (ETH), Artificial Superintelligence Alliance (FET), and Onyxcoin (XCN).
placeholder
Trump’s "Golden Rule" Fuel Gold Rally, Trump’s Shadow Looms Large Over Gold Bull MarketOn the morning of April 21, international gold prices rose nearly 1%, currently trading at 3,381.42 per ounce. Driven by risk−averse sentiment, gold prices breached the 3,380 mark for the first time in history and continued to set new all-time highs.
Author  TradingKey
4 hours ago
On the morning of April 21, international gold prices rose nearly 1%, currently trading at 3,381.42 per ounce. Driven by risk−averse sentiment, gold prices breached the 3,380 mark for the first time in history and continued to set new all-time highs.
goTop
quote