China's May PMIs point to peak of recent growth

Beijing

CHINA'S manufacturing indexes for May show that the economic rebound of the past six months may have peaked, as one index grows and another falls to an 11-month low.

While the official Purchasing Managers' Index (PMI) was at 51.2 last month, unchanged from April and above analysts' expectations, the private survey published by Caixin fell to 49.6, an 11-month low. A reading below 50 points to a contraction of the manufacturing sector.

It is not unusual for the two indexes to diverge. The official PMI is geared towards larger state-owned firm…