China's official manufacturing PMI edged into expansion in April
The data, from the National Bureau of Statistics and the China Federation of Logistics and Purchasing in Beijing is here: China official April Manufacturing PMI: 50.1 (expected 50) & Services 53.4 (prior 53.7)
Bloomberg have a follow up:
Zhu Qibing, an economist at China Minzu Securities Co. in Beijing:
- "This is indeed a signal of stabilization"
- Added that electricity consumption and industrial product prices that he tracks showed a pickup in the second half of April
- "The next monetary policy move in the near future is more likely an interest-rate cut rather than another RRR cut"
- "Targeted measures like PSL are even more likely than an interest rate cut."
On the other hand...
Bill Adams, an economist at PNC Financial Services Group, wrote in a note
- "The employment sub-indices of the PMIs show a majority of surveyed business managers reporting net declines in payrolls on the month"
- "Growth in China likely hasn't bottomed out yet"
