China's Manufacturing And Services Sectors Continued To Expand In May
Manufacturing and services sectors of China continued to expand in May and more rapidly. The National Bureau of Statistics reported, that the index of business activity of China's manufacturing sector increased to 51.9 in May from 51.4 in April (the highest level since October 2017). Economists had expected a weaker growth rate to 51.3. The services PMI grew to 54.9 in May from 54.8 in April. A composite PMI, which covers both manufacturing and services, rose to 54.6 in May from 54.1 in April.
Traders are monitoring economic data from China, as trade tensions between Beijing and Washington increased after President Donald Trump is arguing about America's trade deficit with the world's second largest economy. Earlier this week, the White House announced that it will have a final list of $50 billion for imports, which will be subject to 25% tariffs by June 15, and two weeks later will announce investment restrictions on Chinese acquisitions of US technology.