Analysts polled by Bloomberg are looking for the HSBC reading to decline to 50.6, down from 52.3 the previous month.
A breakdown showed that output expanded for a fourth consecutive month, but at a slower pace than in January.
New export orders increased "but at a fractional rate".
China's official PMI number just came out and it showed that manufacturing slowed to 50.1. A reading below 50 indicates contraction.
The Flash PMI declined to a four-month low of 50.4. Remember a reading below 50 indicates contraction.
"The final February HSBC manufacturing PMI suggests a slower pace of expansion," said Hongbin Qu, chief economist at HSBC in a press release. "But China's recovery continues on improving domestic demand conditions and the labour market. The pace of ongoing recovery is mild, implying no need for the PBoC to tighten policy any time soon.”
Here's a look at PMI since 2012:
HSBC's Donna Kwok appeared on CNBC world to say that the average of Jan-Feb is up to 51.4, compared with 50.5 in the fourth quarter which shows manufacturing is in a relatively strong position.
The HSBC PMI surveys 300 companies, as compared with the 5,000 surveyed for the official release.
Some analysts have warned of the impact of the Chinese New Year on the data. But generally they believe the underlying trend in manufacturing has improved.
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