Via Capital Economics:
• The latest PMIs suggest that China continued to sustain rapid growth last month. But the surveys don’t tell the full story and have mostly defied a slowdown in the hard data during the past year.
• After edging up from 51.0 to 51.1 in April, the Caixin manufacturing PMI held steady in May. The unofficial index is generally a better guide to cyclical trends than its official counterpart which was published yesterday and had hinted at a pick-up in growth that now looks less certain. (See Chart 1.)
