The Commerce Department said on Monday that factory orders dropped 0.8% after surging 2.7% in January. Economists polled by Reuters had forecast factory orders slipping 0.5% in February. Orders increased 1.0% on a year-on-year basis.
Unfilled orders at factories increased 0.8% in February after gaining 0.2% in January, suggesting a rebound in demand in the coming months.
The PBOC has kept rolling over 10 billion yuan worth of maturing reverse repos, resulting in zero net cash injection for 23 straight trading days, which included Wednesday - the last trading day of the month.