CHINA: PMIs show China rebounding
01.09.2010, 11:30The leading purchasing managers' indexes for the manufacturing sector in August showed that the Chinese economy, after a slip in July, may have regained its footing of expansion last month.
The HSBC PMI rose from 49.4 in July to 51.9 in August, which was the first increase in three months and returned to the expansionary zone of above 50.
"This reconfirmed our long-held view that China is moderating rather than melting down," wrote the Europe's largest lender in its monthly report.
Meanwhile, China's official PMI, compiled by the China Federation of Logistics and Purchasing (CFLP), edged up from 51.2 in July to 51.7 in August, rebouding from consecutive declines in the previous three months.
"Export is in strong recovery this year and consumption remains robust. Investment is slowing but will retain resiliant growth pace of over 20%. Supported by these factors, the Chinese economy will not post substantial slowdown in near future," said the CFLP.