Caixin Media Co. Ltd. will take over the sponsorship of Markit’s closely watched China purchasing managers’ index (PMI) from HSBC, starting in August.
The index will be renamed the Caixin China PMI.
The deal with Markit, a global provider of financial information services, is part of Caixin’s strategy to increase its capabilities in financial information.
The agreement may be extended to include further cooperation with Markit on financial data and other services, Caixin, an established provider of economic and business news in mainland China, said.
The Caixin China PMI, including the Caixin China Manufacturing PMI and Caixin China Services PMI, will be released monthly.
The Markit PMI is widely used for economic forecasting and business analysis by senior management of companies, central banks and analysts in financial institutions.
Caixin will provide comments on the indexes by well-known economists.
“We are very pleased to be partnering with Markit on the China PMI surveys, which support a better understanding of China’s economic importance globally,” Caixin editor-in-chief Hu Shuli said.
“This is a very important step Caixin has taken in its quest for a strategic transformation.”
HSBC has held the sponsorship rights for the last five years. Before that, CLSA, a brokerage, sponsored the Markit China PMI.
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