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Chinese policymakers have defended their growth target of 7% this year, even in the face of weaker economic releases and IMF downgrading China's growth estimate to 6.8%.
Today's PMI release showed that nothing much has changed in the underlying economy. Policymakers will be happy enough, even if China succeeds to pull IMF's estimated growth this year. However ongoing economic releases continue to post doubt on that.
- Chinese official PMI reading remained in expansionary zone at 50.2, however PMI for non-manufacturing dropped slightly to 53.2 in May.
- While official reading remains in expansionary territory, PMI by HSBC showed manufacturing actually contracted in May by marginally slower pace than April. Headline reading came at 49.2, while above 50 indicates expansion.
- According to HSBC survey, new businesses fell for consecutive third week and Chinese goods producers shredded jobs for consecutive 19 months.
Commodity currencies are facing tougher times today after the Chinese PMI release and Copper has broken further below, currently trading at $2.73/pound. Expect further downside to commodities.
However Chinese policymakers are discussing fiscal plans to dealt slowdown in economy as easing by Peoples Bank of China (PBOC) is proving to be not sufficient enough. Policymakers are discussing plans for large scale bond swap to provide support to debt ridden regional economies.
