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Official China's Manufacturing PMI unchanged at 50.1

Wednesday, Jun 01 2016
China’s official factory gauge remained above the dividing line that signals improving conditions for a third month, adding to recent evidence of stabilization in the world’s second-largest economy. The manufacturing purchasing managers index stood at 50.1 in May, the nation’s statistics agency said Wednesday, matching April’s level and compared with median estimate of 50 in a Bloomberg News survey of economists. The non-manufacturing PMI was at 53.1 compared with 53.5 in April. 
A separate PMI reading from Caixin Media and Markit Economics fell to 49.2 in May, matching economists’ estimates and down from 49.4 in April. The lack of any pick-up in external trade underscores the economy’s reliance on domestic industries, said Iris Pang, senior economist for greater China at Natixis SA in Hong Kong. "Domestic growth is mostly supported by real estate and related industries such as cement and steel, indicating leverage in zombie companies remains high," she said. "The situation will continue as monetary policy is relaxed and fiscal stimulus is likely to continue."
 
Aussie is currently being traded few points above 0.7270 level. Pair is likely to find support around 0.7220 handle and resistance above 0.7330 level. Later today, in the US session, ISM Manufacturing PMI figures are scheduled for a release.
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