Positive PMI Numbers Underscore Economic Recovery

The purchasing managers' index (PMI) for June has provided another encouraging sign that an economic revival is underway in China, with the official PMI climbing to 53.2 from 53.1 in May. Encouragingly, the new exports sub-component jumped 1.3pp to 51.4, while the employment sub-index rose back above the all-important 50.0 threshold which separates expected expansion from anticipated contraction, as it rose from 49.9 to 50.1.

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