China PMI flops into expansion

The second of China’s PMIs (the official version) is out for March and did better than the private HSBC measure managing to flop over the line into expansion up 0.2 points to 50.1. Output jumped to 52.1 but new orders remain subdued at 50.2 and new export orders are contracting at 48.3:

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Hardly spectacular and not enough to declare any kind of turn. The non-manufacturing PMI was also out at 53.7 down 0.2 points.

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