Caixin takes over sponsorship of Markit’s China PMI from HSBC

Caixin Media Co, Ltd. will be the new sponsor of Markit's closely-watched China Purchasing Managers' Index (PMI).

The index will be renamed the Caixin China PMI and will be released from the beginning in August.

Caixin Media Company Limited is a media group dedicated to providing financial and business news and information through periodicals, online content, mobile applications, conferences, books and TV/video programs.

Markit is a leading global diversified provider of financial information services.

The sponsorship agreement with Markit, a leading global diversified provider of financial information services, is part of Caixin's broader strategy to increase its capabilities in financial information.

The agreement may also be extended to include further cooperation with Markit on financial data and other services.

Caixin secured the sponsorship of Markit's China PMI due to its strong brand and flagship news service. It will take over the sponsorship from HSBC, which has held the rights for the last five years.

Before HSBC, CLSA sponsored the Markit China PMI.

The Caixin China PMI, including the Caixin China Manufacturing PMI and Caixin China Services PMI, will be released on a monthly basis.

The data is of great significance in economic forecasting and business analysis and is widely used by purchasing professionals in the manufacturing sector, by senior management across the corporate sector, by central banks in many key economies, and by analysts in financial institutions.

The Caixin China PMI will continue the Markit PMI surveys' track record in providing up-to-date, accurate and often unique monthly indicators of economic trends across more than 30 countries. Caixin will provide comment by renowned 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,'' Hu Shuli, Caixin's editor-in-chief, said. ''This is a very important step Caixin has taken in its quest for a strategic transformation.''

Said Zhang Xiang, Caixin's executive president, ''Caixin has always been dedicated to building a professional and trustworthy platform for both financial and business news and information. This cooperation will help push forward the development of Caixin's business on the information front.''

Kevin Gould, the president of Markit, said the company is delighted to be working with Caixin, which he called a leading media group in China. ''We look forward to leveraging Caixin's expertiseto continue to provide a leading indicator of Chinese economic growth,'' he said.

Markit recently announced Nikkei as sponsor of 10 PMI surveys in the Asia Pacific region (excluding China), and Emirates NBD as sponsor of theSaudi Arabia, United Arab Emirates, Egypt and Dubai PMIs.

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