China Official May PMIs: Manufacturing 48.8 (expected 51.4) Services 54.5 (expected 54.9)

From China's National Bureau of Statistics (NBS), the manufacturing PMI comes in at 48.8

• expected 51.4, prior 49.2
• that expected is via Bloomberg, Reuters survey was 49.5 expected

Non-manufacturing PMI comes in at 54.5

• expected 54.9, prior 56.4

Composite PMI is 52.9

• prior 54.4

China's factory sector fell even further into contraction in May.

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Background to this:

• Goldman Sachs China PMI preview - leading indicator suggests manufacturing stabilising

• Preview of China official PMI data - manufacturing is likely to have contracted even more

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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 survey covers large and state-owned companies, while the Caixin PMI survey covers more small and medium-sized enterprises. As a result, the Caixin PMI is considered to be a more reliable indicator of the performance of China's private sector.
• Another difference between the two surveys is their methodology. The Caixin PMI survey uses a broader sample of companies than the official survey. Despite these differences, the two surveys often provide similar readings on China's manufacturing sector.

eur EUR The euro (EUR) is the official currency of the European Union (EU) and 19 of 27 member states at the time of writing. It is the second most-traded currency worldwide in forex markets after the US dollar.The euro was originally introduced back on January 1, 1999, having replaced the European Currency Unit. Banknotes and physical euro coins subsequently entered circulation only in 2002.Upon its adoption, the euro replaced domestic currencies in participating EU member states. The rise in its value The euro (EUR) is the official currency of the European Union (EU) and 19 of 27 member states at the time of writing. It is the second most-traded currency worldwide in forex markets after the US dollar.The euro was originally introduced back on January 1, 1999, having replaced the European Currency Unit. Banknotes and physical euro coins subsequently entered circulation only in 2002.Upon its adoption, the euro replaced domestic currencies in participating EU member states. The rise in its value Read this Term