If the latest purchasing managers' index PMI figures are to be believed, the worst might be over for China's manufacturing sector. The official PMI score for April, as produced by the China Federation of Logistics and Purchasing CFLP, is 53.5, the fifth consecutive month of improvement and the second month that the score has been over 50, the number indicating that the sector is expanding.
The CFLP numbers are supported by CLSA, which conducts the other main PMI survey in China. For April, CLSA yesterday reported a PMI score of 50.1 -- lower than the official numbers but still within expansionary territory.
Last month referring to activity in March there was...
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