China's Caixin/Markit Manufacturing Purchasing Managers’ Index came in today at the lowest level on record.

CNY Caixin/Markit Manufacturing PMI (Feb) printed at 40.3 vs 45.7 consensus estimate.

This development comes on the heels of Saturday's release of the official Chinese PMI data at 35.7.

PMI readings below 50 indicate economic contraction.

Many analysts believe the coronavirus outbreak will irreparably damage China's reputation as a stable manufacturing hub and force global companies to move their production and supply chains to other locations, or back to their home country.

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