China's manufacturing hits 12-month high amid tariff pressure
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The news: China's manufacturing activity expanded at the fastest rate in a year in March, which was in line with analysts' forecasts, according to new data from the country's National Bureau of Statistics.
The numbers: The official purchasing managers' index (PMI) rose to 50.5 in March from 50.2 a month prior, the highest reading since March last year.
The non-manufacturing PMI, which includes services and construction, accelerated to 50.8 from 50.4.
A reading above 50 signals expansion with the sector.
The context: The readings were positive for the world's second largest economy, coming after the US imposed a cumulative 20% tariff on all Chinese imports, with further "reciprocal" tariffs expected this week.
China is seen to have benefitted from foreign buyers front-loading purchases in anticipation of further US duties, as well as fresh fiscal support as Beijing targets 5% GDP growth this calendar year.
