Japan and China to start direct currency trading on Friday
China PMI Plunges Most In 28 Months, Reverts To HSBC's Reality
Submitted by Tyler Durden on 05/31/2012 21:11 -0400
Color us not stunned at all. China's Manufacturing PMI finally reverted to the reality that HSBC's Manufacturing PMI has been arguing for and fell for the first time in six months. The drop is the largest since February 2010. While still above 50 (though the lowest level of expansion in five months), or 50.4 technically, down from 53.4, and missing expectations of 52.0, it seems another engine of global growth just sputtered finally - as the real impact of a European depression and fiscally challenged US hit home.