FXstreet.com (Barcelona) - Brown Brothers Harriman analysts note that HSBC China flash PMI for May is due out Thursday, and stood at 50.4 final in April.

They feel that this will be the first snapshot for May, and the risks are to the weak side. They note that in April, the surveys data (PMIs) were weaker than expected while the real sector data (loans, trade) were largely stronger than expected. With the rest of the world slowing, they think it will be hard for China to defy gravity and they look for continued sluggishness in Q2 and Q3. They write, “Last week, the PBOC finally fixed USD/CNY higher after a long string of lower fixes. However, Friday saw a significantly lower fix followed by a virtually flat fix today and so the near-term direction is a bit cloudy.”

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