China’s factory activity in June contracted for a third month, deepening the gloom over weak growth in the world’s second-largest economy and likely inflaming calls for further stimulus. The official manufacturing purchasing managers’ index (PMI) came in at 49.0 in June — compared to 48.8 in May and 49.2 in April, according to data from the National Bureau of Statistics released on Friday. The data was in line with market expectations as economists polled by Reuters were predicted a reading of 49.0. A reading above 50 points to an expansion in activity, while a reading below that level suggests a contraction. ... (full story)

China National Bureau of Statistics (NBS) June 2023 PMIs Manufacturing 49.0 expected 49, prior 48.8 Services 53.2 expected 53.7, prior 54.5 Composite 52.3 prior 52.9 Manufacturing PMI in contraction for the third straight month. Services just a little lower on the month but well into expansion still. --- Next week we'll get the privately surveyed PMIs. That is, China has two primary Purchasing Managers' Index (PMI) surveys - the official PMI released by the National Bureau of Statistics (NBS) and the Caixin China PMI published by the media company Caixin and research firm Markit / S&P Global. The official PMI ... (full story)

USD/CNH picks up bids to print mild gains around the yearly top marked the previous day as China’s headline PMIs flash mixed outcome for June on early Friday. With this, the offshore Chinese Yuan (CNH) pair remains firmer for the third consecutive day to around 7.2720 by the press time. China’s headline NBS Manufacturing PMI matches 49.0 market forecasts in June versus 48.8 expected while the Non-Manufacturing PMI rose past 50.2 analysts’ estimations to 53.2, compared to 54.5 previous readings, during the said month. Apart from the PMIs, the USD/CNH pair also justifies the market’s lack of confidence in the People’s ... (full story)