The official China PMI eased from 49.4 in January to 49.0 in February – its lowest level in 51 months. The PMI number for February fell short of consensus expectations of 49.4.

According to Nomura analyst Yang Zhao, the PMI is likely headed lower from here, despite the possibility of more government policy easing in China.

“We expect the official PMI to fall further during the year, although some stabilization or even a rebound is likely in March due to seasonal patterns,” Zhao explained in a new note.

In addition to the PMI number, China reported an official non-manufacturing PMI of 52.7 in February, down from 53.5 in January.

Not all of China’s February data were…

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