An honorable member of the Coffee Shop Has Just Posted the Following:
Since May 2012, China Manufacturing PMI has miraculously stayed within a 1 point range of the knife-edge 50 level between contraction and expansion. May 2015 just printed 50.1, the same as April with New Orders weaker and business activity expectations (hope) tumbling to 4 month lows. The Steel Industry PMI collapsed from 57.3 to 50.9 with New Steel Orders collapsing from 65.6 to 52.7 - the biggest monthly drop in record. And while non-manufacturing PMI remained in 'expansion territory at 53.1, it fell back from a brief bounce in April with employment and business expectations both weaker. For now, equity markets are unreactive but offshore Yuan is tumbling on the news, not helped by a sizable devaluation in the official fix.
The magic of manufacturing data... as non-manufacturing slowly catches down...
Not helped by yet another devaluation by PBOC...
*CHINA SETS YUAN FIXING AT 6.5889 VS 6.5790 DAY EARLIER
*PBOC CUTS YUAN FIXING TO LOWEST LEVEL SINCE 2011 FOR THIRD DAY
http://www.zerohedge.com/news/2016-0...ry-orders-cras
Click here to view the whole thread at www.sammyboy.com.
Since May 2012, China Manufacturing PMI has miraculously stayed within a 1 point range of the knife-edge 50 level between contraction and expansion. May 2015 just printed 50.1, the same as April with New Orders weaker and business activity expectations (hope) tumbling to 4 month lows. The Steel Industry PMI collapsed from 57.3 to 50.9 with New Steel Orders collapsing from 65.6 to 52.7 - the biggest monthly drop in record. And while non-manufacturing PMI remained in 'expansion territory at 53.1, it fell back from a brief bounce in April with employment and business expectations both weaker. For now, equity markets are unreactive but offshore Yuan is tumbling on the news, not helped by a sizable devaluation in the official fix.
The magic of manufacturing data... as non-manufacturing slowly catches down...
Not helped by yet another devaluation by PBOC...
*CHINA SETS YUAN FIXING AT 6.5889 VS 6.5790 DAY EARLIER
*PBOC CUTS YUAN FIXING TO LOWEST LEVEL SINCE 2011 FOR THIRD DAY
http://www.zerohedge.com/news/2016-0...ry-orders-cras
Click here to view the whole thread at www.sammyboy.com.