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Chinese Manufacturing Contracted for 5th Straight Month

HSBC's Chinese Manufacturing PMI has shown contraction all through 2014, although it has been "only marginal". 


(source: HSBC Manufacturing PMI)


May's manufacturing survey showed some mixed results. While economic conditions were tough and domestic demand was weak, new export orders improved the fastest pace in over 4 years. 

While the final PMI reading for May suggests the economy could be turning back up, companies continued to cut staff, due to the weak domestic demand condition.