A key gauge of Chinese manufacturing growth edged lower in May but remained stronger than analysts had expected, suggesting that the world’s second-largest economy was gliding towards a soft landing.
China’s official purchasing managers’ index, designed to provide a snapshot of conditions in the manufacturing sector, dipped to 52.0 last month from 52.9 in April. However, that was a touch ahead of most forecasts. A similar survey sponsored by HSBC registered 51.6 in May, also softer than last month but well ahead of a preliminary reading of 51.1 that spooked markets last week.
A reading of above 50 in PMI surveys indicates expansion, while a reading below that level indicates contraction.
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