Chinese manufacturing PMI returns above 50, led by new export orders
The headline reading of 50.4 ends three months of contraction. The sub-indices are more encouraging than the headline.
The official manufacturing purchasing managers index rose to 50.4 from 49.6, returning above the 50 line that separates expansion from contraction and ending a three-month run below it.
The new export orders sub-index rose to 51.1, its first reading above 50 in over a year. That is the component with the most information in it, because it reflects external demand rather than domestic stimulus.
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