Look at the attached chart and you can see that the Chinese manufacturing PMI despite an attempt by market watchers to try and paint a hurrendous picture, has been trading in the current channel for almosty 3.5 years.

Friday night's 50.2 print on China PMI was better than estimates and right in the middle of the fairway for this data series since mid 2010.  Tonight we will get HSBC's same data series which will be slightly lower. 

Image courtesy xpistwv: http://www.everystockphoto.com/photographer.php?photographer_id=45975

Regardless of what is reported attempts to paint China as crash landing have been wrong for some time and will remain overstated.

China PMI has been in a defined range for 3.5 years

China PMI has been in a defined range for 3.5 years

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