“…Meanwhile, manufacturing is the core of industrial sector and the key to industrial transformation and upgrading, so PMI covers the most crucial information of industrial sector. In recent years, considering the importance of industrial sector and the faster announcement speed, PMI is often regarded as crucial predictors for consumer price index, exchange rate and other macroeconomic variables (Moravcová, 2018;Wei, Zhang, & Wang, 2017). Besides, the relations between PMI and stock markets also attract the focus of researchers (Baum, Kurov, & Wolfe, 2015;Ishfaq, Qiong, & Shah, 2017;Liu & Wang, 2017;McMillan, 2020;Wang & Yang, 2018).…”