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Investing.com – China's industrial activity in May fell more than expected in the ongoing trade dispute with the United States.
The decline went from 50.1 in April to 49.4, the National Bureau of Statistics revealed. Analysts had previously expected a decline of 49.9 in May.
A value less than 50 indicates a contraction.
The month of May was 54.3, in line with expectations and unchanged from April.
The PMI is closely watched by investors, who pay particular attention to signs of slowing growth in the context of the ongoing US-China trade war.
Former Governor of the People's Bank of China, Dai Xianglong, said on Friday that he did not expect any major trade breakthrough when Chinese President Xi Jinping will meet his US counterpart Donald Trump next month at the G-8 meeting. 20.
"The decline in the overall index was mainly due to weak new orders. Export orders have fallen sharply, suggesting that [US President Donald] Trump's latest tariff increase could already undermine foreign demand, "said Julian Evans-Pritchard, chief economist for China at Capital Economics, in a Bloomberg report.
Caixin's manufacturing PMI, which includes more small and medium-sized businesses, is expected to be released on June 3.
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