China manufacturing activity is bottoming – ING

FXStreet (Barcelona) - Tim Condon of ING, mentions that the Chinese PMI data suggests that policy accommodation has put a floor under manufacturing activity.

Key Quotes

“The official (CFLP) manufacturing PMI index rose by 0.1 point to 50.2 but the new export orders component remained below 50. The final HSBC manufacturing PMI was 49.2 (the flash estimate was 49.1), up from 48.9 in April. However, the new orders component swung to contraction from growth.”

“The PMI data suggest to us that policy accommodation has put a floor under manufacturing activity.”