August Caixin Manufacturing PMI Takeaway: The PMI is a diffusion index with readings below 50 indicating contraction and above 50 indicating growth month over month. Delta outbreaks were the main culprit for the Caixin PMI survey’s weak reading, which is conducted by IHS Markit. We’ve all read about China closing the port of Ningbo after one worker tested positive though foreign demand slackened as Asia fights Delta outbreaks as well. High input prices i.e. commodity prices are a factor as well which will be watched closely by policymakers. We had another release of industrial metals from China’s strategic reserves in...