China’s PMI remains unchanged in June
Analysts stated that despite the stabilization in June, the latest data showed that demand is still weak and the government may need to take additional monetary easing in the future to prevent a further slowdown in economy. According to official data, the index for new orders declined to a reading of 50.1 in June from a reading of 50.6 in May while the new exports index also fell to a reading of 48.2 from May’s 48.9, posting the ninth straight decline on a monthly basis.
A separate manufacturing PMI compiled by HSBC and Markit Economics, meanwhile, edged up to a reading of 49.4 in June from 49.2 in May, however the June figure remained in the contraction zone for the fourth consecutive month. Any figure below 50 indicates a contraction.
The Chinese government is expected to release economic growth data for the second quarter of this year by July 15. According to some economists, the country’s gross domestic product (GDP) in the second three months will fall below a growth rate of 7% which is the weakest growth rate since the global financial crisis.
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