HSBC’s flash Chinese manufacturing PMI falls to 48.7 in May
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On May 24, the Hong Kong Shanghai Banking Corporation (HSBC) announced that its preliminary or flash Chinese manufacturing PMI (purchasing managers index) for May decreased to 48.7 points, lower than the 49.3 points recorded in April and contracting for the seventh consecutive month. HSBC officials stated that the softening of manufacturing activities in China in May reflected the deteriorating export situation.
According to the HSBC, China's export orders in May indicated strong contraction, reversing a reading which had indicated expansion in April. The HSBC also mentioned the need for policy easing by the Chinese government to help stabilize the economy.