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China May Caixin Mfg PMI Falls to 49.6, 1st Contraction in 11 Months

Caixin announced that in May, Caixin China manufacturing PMI was 49.6, 0.7 ppts lower than April’s reading. This marked the first time of reading below the 50 benchmark, showing that the manufacturing sector has swung to contraction. The trend was different from the official manufacturing PMI. National Bureau of Statistics (NBS) announced that in May, manufacturing PMI was 51.2, same as April’s reading.


In May, Chinese manufacturers kept increasing their output, but the growth was the lowest in 11 months. Such moderation showed a lack of strength in new order growth. Data showed that the demand from home and abroad were low, and the additional export sales posted little growth.

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