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India has urgently sought to establish an international credit rating agency to offset biased agendas.
Most are banking on covering capital spending and dividend payouts given prices are at $50 to $55 a barrel.
The Caixin PMI appears to be in tandem with National Bureau of Statistics (NBS) reports on the manufacturing sector.
Voters could punish the BJP which has strongly supported November's demonetization and anti-graft drive.
The PBOC's intervention came as China refuted that it was devaluing the yuan to gain unfair advantage.
India's new budget boosts spending and appears to offer development relief to farmers.
While it dropped by 0.1 from December, the manufacturing Purchasing Managers' Index (PMI) was 51.3 in January.
China's nominal GDP growth in 2016 was eight per cent, whereas its real GDP growth was 6.7 per cent.
The World Bank forecasts oil prices around $55 a barrel.
Countries will now look to China's Regional Comprehensive Economic Partnership (RCEP) for future trade agreements.