China’s official PMI number is out. Manufacturing expanded to 50.4 in April.
This came in just shy of expectations for 50.5, but is up from 50.3 the previous month.
A reading below 50 indicates contraction.
China’s economy slowed in the first quarter, expanding just 7.4%. Beijing has set a 7.5% growth target, and economists expect policymakers have a floor of 7% growth.
Beijing announced a mini-stimulus to help stabilise growth and this is expected to have improved business sentiment.
The HSBC flash PMI reading we got earlier this month, shows that Chinese manufacturing is contracting, though the flash number showed a marginal improvement.
But the official survey has a bigger sample and has more exposure to larger manufacturers.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.