China’s new strain of bird flu is less deadly than the old one. But that is about it for good news out of China these days. Monday’s manufacturing surveys for May showed that factory output had slowed and new orders fell sharply. This follows weeks of tightening in credit markets designed to rein in China’s shadow banking sector. Investors were indifferent to the news that China’s purchasing managers’ index had fallen to a four-month low – the Shanghai Composite index moved sideways. But that does not mean that all the bad news is fully priced in.
中國新型禽流感病毒的致病性低於早先類型。這是近些天來關於中國的唯一一條好訊息。週一公佈的5月份製造業調查數據顯示，工廠產出成長已經放緩，新訂單數量顯著下降。在此之前，中國官方連續數週收緊信貸市場，以期控制影子銀行體系。投資者對中國採購經理人指數(PMI)跌至4個月低點的訊息無動於衷——上證指數橫向盤整。但這並不意味著市場價格已經充分反映了所有的壞訊息。
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