BEIJING--(BUSINESS WIRE)--Caixin Media Co., Ltd. has agreed to sponsor Markit’s closely watched China Purchasing Managers’ Index (PMI). The index will be renamed the Caixin China PMI and will be released beginning in August.
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,” Ms. 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 expertise to continue to provide a leading indicator of Chinese economic growth,” he said.
Markit recently announced Nikkei as sponsor of ten PMI surveys in the Asia Pacific region (excluding China), and Emirates NBD as sponsor of the Saudi Arabia, United Arab Emirates, Egypt and Dubai PMIs.
About Caixin
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. Caixin Media aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms. For more information, please visit www.caixin.com.
About Markit
Markit is a leading global diversified provider of financial information services. We provide products that enhance transparency, reduce risk and improve operational efficiency. Our customers include banks, hedge funds, asset managers, central banks, regulators, auditors, fund administrators and insurance companies. Founded in 2003, we employ over 3,500 people in 10 countries. Markit shares are listed on Nasdaq under the symbol MRKT. For more information, please see www.markit.com.