Come Thursday, markets will be digesting a new round of manufacturing data from China, when HSBC releases the flash estimate of the Purchasing Manager's Index (PMI) for August.
It's a reading investors and analysts pay close attention to every month for a pulse check on the world's second-largest economy, never mind that it's infamously volatile or the fact that the figure will hold less credence as China re-balances away from a focus on the heavy industries towards domestic consumption.
Liu Li Gang, chief China economist at ANZ, who expects this month's PMI to come in at 51.3, a tad lower than the 18-month high of 51.7 recorded in July, says like it or not, the PMIs will continue to move Chinese markets in a way few other indicators can.
For a country where credibility of data often invokes skepticism, these PMIs serve as good counterpoints to China's data deluge every month.
"It is a good leading indicator, markets tend to pay attention because it is a private survey that focuses on China's small and medium sized companies; an important segment of the country's manufacturing industry," he said.
Together with the China official manufacturing PMI, which includes surveys of big state-owned firms, the indicator could flag if Beijing's stimulus released earlier this year was enough to keep the country's economy buzzing, or if more easing is necessary, Liu added.
But hanging the hat solely on China's manufacturing surveys is not enough, analysts say. With domestic consumption becoming a key driver of growth, Dariusz Kowalczyk, senior economist and strategist at Credit Agricole, says the services PMI readings will start to have bigger sway.
Last year, the services sector made up about 46 percent to China's GDP, overtaking the manufacturing sector's contribution of 44 percent.