China: Manufacturing PMI only slightly up in June

Both China’s two separate manufacturing PMIs increased by less than expected in June. Overall new orders continue to improve and the new orders/inventory balance remains favourable, suggesting industrial activity will maintain strong momentum in the coming months. GDP growth could well be above potential growth in Q2 possibly exceeding 10% q/q AR. Details In China, the two separate manufacturing PMIs have both been released for June this morning. Both increased only slightly and by less than