China's PMI drops to 52.9 in April

According to Beijing-based China Federation of Logistics and Purchasing, in April this year China's purchasing managers index (PMI) was 52.9, down slightly from 53.4 in March. The PMI figure shows that the manufacturing sector in China still in expansionary mode, which is good news for the Chinese economy. However, the Chinese government could further tighten its monetary policy with an additional interest rate hike.