FXStreet (Bali) – China HSBC Manufacturing PMI was bang on in line with expectations at 49.2 in May, coincidentally resulting in the same in line outcome recently saw in the official PMI, released 45m earlier.
Commenting on the China Manufacturing PMI™ survey, Annabel Fiddes, Economist at Markit said: “The headline PMI signalled a further deterioration in the health of China’s manufacturing sector in May. A solid fall in new export work contributed to fewer new orders, which in turn led to the first contraction of output in 2015 so far.
“Furthermore, sustained job cuts, ongoing destocking activities and reduced purchasing activity all suggest that the sector may remain in contractionary territory as we head into mid-year. The latest survey data therefore suggest that more stimulus measures may be required to help boost domestic demand and recover some growth momentum.”
(Market News Provided by FXstreet)