汇丰银行-xx财新制造业采购经理人指数（2017年5月）：缺少大局-20170601-hsbc.pdfVIP

Economics - Data Reactions 01 June 2017 China Caixin Manufacturing PMI Julia (May 2017) Wang Economist, Greater China The Hongkong and Shanghai Banking Corporation Limited Missing the big picture +852 3604 3663 juliarwang@.hk As expected, the Caixin China Manufacturing PMI fell from the April reading, and diverged from the NBS PMI released yesterday. The headline gauge fell to 49.6, the View HSBC Global Research at: first contraction since June 2016. The breakdown suggests a rapidly cooling re- stocking cycle and a return to deflation. But is this the right signal? Since 2012, the Caixin PMI had been weaker than the NBS PMI with a 86% probability, and with Issuer of report a five year average of 49.6. While it had been more sensitive, and sometimes The Hongkong and Shanghai