HSBC Holdings Plc will launch a flash purchasing managers' index for the Chinese manufacturing sector on Feb. 21, providing one of the earliest available performance indicators for the world's second-largest economy.

The flash PMI will be based on up to 90 percent of total responses to the monthly survey and is designed to be an accurate snapshot of the final data, which is usually released on the first working day of every month.

The Chinese market is evolving rapidly but historically there has been a void of regular economic data in comparison to other leading global economies, Qu Hongbin, HSBC's chief China economist, said in a statement.

The index was created in partnership with Markit, a British research firm that already compiles flash PMIs for France, Germany and the euro zone.

HSBC's China manufacturing PMI edged up to 54.5 in January from 54.4 in December. China's official manufacturing PMI declined to 52.9 in January from 53.9 in December.