1 Aug 2013
China manufacturing unexpectedly expands
FXstreet.com (Barcelona) - China's NBS Manufacturing PMI for the month of July came at 50.3 vs 49.8 exp and 50.1 prior. Activity expanded, eliminating fears of a possible first time contraction in 10 months, a Reuters poll showed.
The data suggest demand might have started to pick up again, despite overcapacity in large factories remains a major concern. The current tighter stance by the Chinese Central Bank (PBOC) is not helping to stimulate activity either. However, with all that said, the data is encouraging, yet as usual when treating Chinese number, take it with a grain of salt.
The data suggest demand might have started to pick up again, despite overcapacity in large factories remains a major concern. The current tighter stance by the Chinese Central Bank (PBOC) is not helping to stimulate activity either. However, with all that said, the data is encouraging, yet as usual when treating Chinese number, take it with a grain of salt.