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22 May 2014
China: HSBC Manufacturing PMI rockets to 5-month high
FXStreet (Bali) - The HSBC Manufacturing PMI (May)Preliminary in China came at 49.7 vs 48.1 expected and 48.1 last, a new five-month high.
Commenting on the China Manufacturing PMI™ survey, Hongbin Qu, Chief Economist, China & Co-Head of Asian Economic Research at HSBC said: "“The HSBC Flash China Manufacturing PMI rebounded sharply to 49.7 in May, up from 48.1 in April. The improvement was broad-based with both new orders and new export orders back in expansionary territory."
"Disinflationary pressures also eased over the month and output prices increased for the first time since November 2013. However, the employment index fell further to 47.3, which implies that this month's uptick in sentiment has not yet filtered through to the labour market."
"Some tentative signs of stabilization are emerging, partly as a result of the recent mini-stimulus measures and lower borrowing costs. But downside risks to growth remain, particularly as the property market continues to cool. We think more policy easing is needed to put a floor under growth in the coming months.”
Commenting on the China Manufacturing PMI™ survey, Hongbin Qu, Chief Economist, China & Co-Head of Asian Economic Research at HSBC said: "“The HSBC Flash China Manufacturing PMI rebounded sharply to 49.7 in May, up from 48.1 in April. The improvement was broad-based with both new orders and new export orders back in expansionary territory."
"Disinflationary pressures also eased over the month and output prices increased for the first time since November 2013. However, the employment index fell further to 47.3, which implies that this month's uptick in sentiment has not yet filtered through to the labour market."
"Some tentative signs of stabilization are emerging, partly as a result of the recent mini-stimulus measures and lower borrowing costs. But downside risks to growth remain, particularly as the property market continues to cool. We think more policy easing is needed to put a floor under growth in the coming months.”