HSBC China flash PMI for June enters growth territory

The HSBC Flash China Manufacturing Purchasing Managers’ Index grew to 50.8 in June from May’s final reading of 49.4, rising above the 50-point level that separates growth in activity from contraction, Reuters reported. It was the first time since December that the PMI was in growth territory, and the highest reading since November, when it was also 50.8. “This month’s improvement is consistent with data suggesting that the authorities’ mini-stimulus is filtering through to the real economy,” said Qu Hongbin, chief economist for China at HSBC. “We expect policymakers to continue their current path of accommodative policy stance until the recovery is sustained,” he added.