Forex glossary
RatingDog Manufacturing PMI (formerly Caixin)
Caixin Manufacturing PMI is the former name of S&P Global's privately compiled Chinese manufacturing PMI; current releases use RatingDog China General Manufacturing PMI. The sample covers firms of different sizes. Readings describe monthly directions of change, not percentage output growth; differences from the NBS PMI require checking methodology and samples.
Illustrative example
How does it work in practice?
Suppose the private Chinese manufacturing PMI reads 51.2 while the NBS PMI reads 49.8 for the same month. These are different surveys, not an arithmetic error in two measurements of the same sample.
A case to work through
Responses are not volumes
In a hypothetical survey component, 40% report increases, 30% no change and 30% decreases.
- Calculate 40 + 0.5 × 30 = 55 diffusion-index points.
- Do not label this the headline PMI without its components and weights.
What follows? Describe response directions rather than 55% output growth.
Example boundary: This illustrates one component, not an actual Chinese PMI release.
A useful distinction
RatingDog Manufacturing PMI (formerly Caixin) / Purchasing Managers' Index (PMI)
PMI is a survey family; this entry identifies a particular Chinese series and provider.
Check your understanding
Calculate an illustrative diffusion index without calling it the headline PMI.
Show the answer and explanation
No, the headline methodology is needed
A component and composite PMI have different coverage.
Reading economic surveys
Step 2 / 8 · 0 / 8 reviewed
View the full sequence →Progress is saved only in this browser.
Read the fuller explanation
Related terms
Sources and documentation
- spglobal.com
- pmi.spglobal.com
- Purchasing Managers’ Index data – FAQ – S&P Global
Provides the diffusion-index formula and distinguishes components from composite PMI measures.
Document read:
The example illustrates the mechanism. Check current account conditions and instrument specifications with the provider.