China’s official PMI for July is out and cams in at 50.3, not flash, but better than the 49.7 consensus and so the dollar jumped half a cent. The numbers are hardly flash, however, with the month up just 0.2% and going nowhere relative to recent months of 50.1, 50.8, 50.6, 50.9, 50.1 and 50.4.
New orders and new export orders were a bit better up 0.2 to 50.6 and up 1.3 to 49 respectively but are also largely tracking sideways over 2013.
More of the same insipid Chinese growth.
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