China's economic recovery continues in March

According to the National Bureau of Statistics, the manufacturing purchasing managers’ index fell to 51.9 in March from 52.6 in February, coming in above consensus expectations for decline to 51.6.

Meanwhile, the non-manufacturing PMI rose to 58.2 from 56.3, versus consensus expectations of 55.0. This marked the highest reading since 2011.

The services index increased to 56.9 in March from 55.6 the month before, while the construction index rose to a record high of 65.6 from 60.2.

Capital Economics said: "The official PMIs suggest that China’s rapid reopening recovery remained robust this month. The weak global backdrop weighed on manufacturing but services continued to benefit from a resurgence in consumer spending and construction was buoyed by fiscal support.

"This strength won’t be sustained indefinitely, however. With much of the immediate boost from dismantling virus restrictions now already passed and policy set to turn less accommodative, the recovery is likely to moderate over the coming months."