China Manufacturing PMI’s For July Turned Lower

The official China PMI fell from 53.9 to 52.1; The HSBC/Markit PMI fell from 52.7 to 50.4.

From the China National Bureau of Statistics press release:

Economic growth is moderating, a rebound in exports is weakening, and slower domestic demand is leading to a build-upof finished-goods inventories.

Industrial production is entering a “light season” and the output of heavy energy users such as metal and oil processers contracted last month.

My comment is not needed if the China official agency says that.

Chart 1. China Federation of Logistics & Purchasing and National Bureau of Statistics PMI / HSBC Markit China Manufacturing PMI

Source: Bloomberg


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