Xinhua-UnionPay BCCI drops to 81.45 in Feb. on Spring Festival factor
BEIJING, Mar. 10 (Xinhua) -- China's bankcard Consumer Confidence Index (BCCI), compiled jointly by Xinhua News Agency and China UnionPay fell 2.93 from January to 81.54 in February, and declined 3.12 from same period in 2014.
The drop was mainly a result of remarkable growth of people's spending on daily necessities around the Chinese Spring Festival, which fell on February 19.
Consumers' bankcard transactions in supermarkets surged 18 percent month on month in February, and the ratio of consumers' supermarket transaction value increased 2.93 percent from the previous month.
While the weight of transaction value of non-daily necessities declined during the month, down 0.12 percentage points from January.
The country's purchasing managers' index (PMI) for the manufacturing sector rebounded 0.1 percentage points from the previous month to 49.9 percent in February, but the figure was still under the dividing line for expansion and contraction of 50.
China's central bank lowered the required reserve ratio for deposits and benchmark interest rates in February to shore up the economy and guard against deflation risk, which is conducive to lowering enterprises' financing cost and boosting consumption.
Therefore, the BCCI is expected to stabilize in the future. (Edited by Hou Yujie, firstname.lastname@example.org)