China's Caixin Manufacturing PMI contracts further to 48.8 in May vs. 49.4 expected

China's official Manufacturing Purchasing Managers' Index (PMI) came in at 48.8 in May as against the 49.2 contraction seen in April, the latest data published by the country’s National Bureau of Statistics (NBS) showed on Wednesday. The market consensus for a reading of 49.4.

The NBS Services PMI dropped to 54.5 in May, compared with a solid 56.4 figure reported in April and beating expectations of 50.7.