China May official manufacturing PMI beats estimates
|China's official manufacturing Purchasing Managers' Index (PMI) for May was 51.9. Economists in a Reuters poll had called for a minor drop to 51.3 in May from 51.4 in April.
The better-than-expected manufacturing PMI coud put a bid under Aussie dollar and other commodity currencies.
Note the official PMI published by National Bureau of Statistics (NBS) is more focused on state owned enterprises (SOEs) which have relatively easy access to credit as opposed to Caixin PMI, which focuses more on small and medium sized export oriented units.
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