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China: comments on upbeat HSBC PMI

China August flash HSBC PMI, released tonight, came at a 5-month high of 50.1, pointing that growth is stabilizing. The index rose from July's final reading of 47.7, which was the weakest in 11 months.

HSBC: We expect further filtering-through of recent fine-tuning measures and companies' restocking activities, which is likely to deliver some upside surprises to China's growth in the coming months.

Nomura: It confirms that the economy has stabilized in the short term and downside risks for H2 have declined.

The final HSBC PMI for August will be published on September 2, a day after the release of an official government survey. The official PMI, which focuses on big and state-owned companies, has been more optimistic than the private survey, which targets small and private companies.

Chart. China HSBC PMI

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