China’s soft economic data will mean lower commodity imports, but not yet
A run of weak economic data in China is likely to show up in softer imports of key commodities, albeit with a lag given the time taken to physically ship resources from around the globe. The manufacturing indicator, the official Purchasing Managers’ Index (PMI), dropped to a five-month low of 48.8 points in May, the National Bureau of Statistics (NBS) said on Wednesday. This was the second month the measure was below the 50-level that separates expansion from contraction, and it was also weaker than the median forecast for a ...
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