Caixin China PMI To Replace HSBC China PMI

HSBC Holdings PLC , which is dropping sponsorship of its closely watched China manufacturing and services gauges, will be replaced by Caixin Media Co., the index's compiler Markit said Tuesday morning. HSBC had sponsored the various Purchasing Managers' Indexes (PMIs) -- for China, as well as for other Asian nations -- for the last five years, but Markit said last week that the global bank was ending its role as sponsor. While Caixin, which also has a content partnership with MarketWatch, will take over the Chinese PMIs, Japanese media group Nikkei Inc. will sponsor the PMIs for Japan, Hong Kong and India, among others.