• prior was 49.2
  • the ‘flash’ reading, released June 20, was 48.3

The official China manufacturing PMI came out at 0100GMT, recording 50.1 for June (vs. expectations of 50.1 and a prior month’s result at 50.8).

The HSBC PMI focuses more on small- and medium-sized firms in the private sector as compared with the official one.

  • 48.2 is a 9-month low

Commenting on the China Manufacturing PMI™ survey, Hongbin Qu, Chief Economist, China & Co-Head of Asian Economic Research at HSBC said:

“Falling orders and rising inventories added pressure to Chinese manufacturers in June. And the recent cash crunch in the interbank market is likely to slow expansion of off-balance sheet lending, further exacerbating funding conditions for SMEs. As Beijing refrains from using stimulus, the ongoing growth slowdown is likely to continue in the coming months.”