China’s HSBC Flash PMI Improves To 49.1 In May

China’s HSBC flash manufacturing purchasing managers index (PMI) improved to 49.1 in May, up from a final reading of 48.9 in April but slightly below market expectations of 49.3.

"While we still need to wait for hard activity data to get a firmer view of activity growth, the still soft PMI reading highlights the difficulties the government faces in supporting growth amid rising real interest and effective exchange rates," says a research report by Goldman Sachs.

"We continue to expect more easing, until growth shows clear signs of pick-up," adds the report.

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