China PMIs: Change of policy tone has taken its toll - Commerzbank

Senior economist at Commerzbank expresses his take on the tad weaker Chinese manufacturing sector activity report released on Sunday.

The official Purchasing Managers' Index (PMI) stood at 51.4 in December compared with 51.7 in November. Markets had predicted a 51.6 reading.

Key Quotes:

"Today's PMI figures suggest that the change of policy tone has taken its toll, as the authorities are seriously concerned about the asset bubbles."

Next of note, we have the Markit/Caixin PMI, a private gauge of manufacturing activity in China, which will be reported on Jan. 3.