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China Manufacturing PMIs: Official vs. HSBC

China's official manufacturing PMI reading climbed to 50.3 in March, up from 50.2 in February, and beating forecast of a drop to 50.1. The March reading shows an increase in expansion of manufacturing activities.

The HSBC-Markit Manufacturing PMI however fell to 48.0 for March, after a 48.5 reading in February. Forecast was for another 48.5 reading. The March reading shows a faster contraction in manufacturing activities. This was the sharpest fall since Nov. 2011.

Here is an image tweeted by Tom Orlik of Bloomberg, showing the divergence between the two readings of manufacturing PMI. The official reading has for the most part been rosier. Also, the latest release show divergence between the official and HSBC-markit data.