China: HSBC PMI Improves For The Fourth Month In A Row

China: HSBC PMI Improves For The Fourth Month In A Row

China's HSBC manufacturing PMI improved to 50.9 in December from 50.5 in November. The details were also relatively strong with new orders improving to its highest level since April 2011. Export orders weakened slightly in December, underscoring that external demand remains the biggest short-term threat for the Chinese economy.
The HSBC manufacturing PMI, in line with the hard data released since September, confirms that the Chinese economy has bottomed out and has started a moderate recovery. We do not expect any major fiscal and monetary easing from here.
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