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NBS: China’s May manufacturing PMI falls to 49.4

The Purchasing Managers’ Index (PMI) for China’s manufacturing industry continued to dive in May, down another 0.7 basis point on month to 49.4, falling below the threshold of 50 according to the latest release by China’s National Bureau of Statistics (NBS) on May 31.
The decline was steeper than the market expectation, and among all the sub-indices, that for production retreated 0.4 basis point on month to 51.7 in May, indicating the production was still running high while the downstream demand shrank, with the index for new orders flopping 1.6 basis points on month

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