Below Expectations of Chinese PMI for July

The manufacturing Purchasing Managers' Index for the month of July was at 51.4 less than the anticipated 51.6 which is lower than the 51.7 in June’s reading as shown in the polls. This was said to be influenced by bad weather conditions and some floodings in parts of the country and some scheduled maintenance in some companies. Nonetheless, both imports and exports proceed to rise from a month ago according to the National Bureau of Statistics.

In spite of a drop in the official services PMI data, the July readings were much higher than the average for the first half of the year, stated by an NBS statistician. Banks are anticipated to recover in the next few months because of rising prices including the construction sector index reaching a three year high this month.