China manufacturing activity rebounds in June
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The news: China's monthly manufacturing activity returned to expansion in June, boosted by an increase in new orders that lifted production, a private-sector survey showed.
The numbers: The Caixin/S&P Global manufacturing PMI rose to 50.4 in June from 48.3 in May, surpassing estimates. The 50-mark separates growth from contraction.
The context: Overall new orders increased in June after declining in May due to improving trade conditions and promotional activities to boost sales, the Caixin survey showed.
The reading conflicted with China's official PMI data, released on Monday, which showed factory activity shrank for a third straight month.
However, both surveys showed that new export orders retracted in June.
The source: Reuters
