From the latest data of China, one can conclude that Beijing's stimulus seems to be working. The Chinese manufacturing PMI data released with negative numbers while service PMI data gave positive signals.
Still in 2016, PBoC intervened in to the FX market and allowing currency to depreciate further.
In the global scenario, manufacturing unit is performing poorly everywhere, but particularly in the US, where the dollar appreciation is taking its toll. BoFA Merrill Lynch expects GDP to expand only by a sub potential 0.9% qoq in 4Q after disappointing ISM manufacturing and car sales data.
