HSBC China final manufacturing PMI up to 49.2 in May

The HSBC purchasing managers' index (PMI) for the Chinese manufacturing sector indicated a final reading of 49.2 for May this year, increasing by 0.1 percentage point compared to the final reading of 49.1 for April, as announced by HSBC Holdings PLC.
 
According to Hongbin Qu, the HSBC's chief economist for China, the production sub-index in May moved down to the lowest level of the current year, indicating that China's manufacturing industry still faces downward pressure. The HSBC official also said that China will likely lower its reserve requirement ratio for Chinese banks by 50 benchmark points in the coming period.
 
Meanwhile, as announced by China's National Bureau of Statistics (NBS) on June 1, the purchasing managers' index (PMI) for China's manufacturing sector was at 50.2 percent in May of the current year, up 0.1 percentage point compared to April.