1 Jul 2013
Flash: Chinese PMIs decline - Danske Bank
Fxstreet.com (Barcelona) - Danske Bank analysts note that in China, the NBS manufacturing PMI in June declined to 50.1 from 50.8 in May and the HSBC manufacturing PMI in its final reading declined to 48.2 in June from
49.2 in May.
They note that the manufacturing PMIs suggest that China has entered a new phase of deceleration. However, on a positive note,money market rates in China continue to decline with the O/N SHIBOR fixing today declining by 49bp to 4.46%. They write, “That said, interest rates remain elevated and it is too soon to talk about normalisation.”
49.2 in May.
They note that the manufacturing PMIs suggest that China has entered a new phase of deceleration. However, on a positive note,money market rates in China continue to decline with the O/N SHIBOR fixing today declining by 49bp to 4.46%. They write, “That said, interest rates remain elevated and it is too soon to talk about normalisation.”