China: Unexpected rebound in Caixin manufacturing PMI - BBH

Analysts at BBH explain that the monthly cycle of high frequency data begins with global PMI data with the Caixin manufacturing PMI for China unexpectedly rebounding to 51.1 from 50.4 in June.  

Key Quotes

“Recall that on Monday, the official manufacturing PMI slipped to 51.4 from 51.7.  There is no big takeaway.  China's economy was stronger than expected in H1 and many expect a modest slowing in H2.  A combination of capital controls and a weaker US dollar has allowed China to rebuild reserves in recent months.  Reserves are expected to have risen in July for the sixth consecutive month.  The reserve data are expected next week.”