China manufacturing hits five-month high

China’s official Purchasing Managers’ Index rose to 50.8 in May from April’s 50.4, Reuters reported, citing a National Bureau of Statistics statement. A reading over 50 shows expansion; a figure below 50 reflects contraction. Beating market expectations of 50.6, the data shows that the economy is regaining some strength as the government’s pro-growth measures start to kick in. The official survey showed a broad-based recovery in manufacturing that bodes well for the second quarter, with foreign and domestic demand reaching the highest level since last November.