China's June Official Manufacturing PMI Contradicts Caixin PMI

SHANGHAI, Jul 4 (SMM) – China's official manufacturing PMI data for June was 49.0%, an increase of 0.2 percentage points from May, and it was in the contraction territory for three consecutive months. China’s June Caixin manufacturing PMI data released on Monday July 3rd showed that the PMI fell to 50.5%, a decrease of 0.4 percentage points from May, but remained in expansion territory. Caixin manufacturing PMI showed that the improvement of production softened in June and demand saw limited improvement, which was mainly contributed by domestic demand. Under the influence of the global economic recession, overseas demand barely improved. Overall, market confidence continued to decline.