China's Caixin manufacturing PMI beats expectations

China’s private sector manufacturing sector survey showed that manufacturing activity unexpectedly grew in May. China’s factory activity rose above the 50-mark separating growth and contraction in May. The Caixin/S&P Global Manufacturing PMI rose to 50.9 points in May from 49.5 in April, an 11-month high. Economists had expected the manufacturing PMI to remain at 49.5 in May. The official manufacturing PMI released by the National Bureau of Statistics yesterday had hit a five-month low of 48.8 in May. The latest data was driven by rising production and demand, which helped struggling firms hit by falling profits.