HSBC Purchasing Manager Index released

China's manufacturing sector only slightly improved in June the HSBC China manufacturing PMI, which was freshly released yesterday, showed only a slight improvement in manufacturing in June. PMI dropped to 50.4 from 52.7 last month.　　The index is a seasonally adjusted index to measure the economic boom in the manufacturing sector. Qu Hongbin, China's chief economist and head of Economic Research Asia-Pacific, commented that the slowdown in the manufacturing purchasing managers ' index showed a decline in the quarter-on-quarter growth of Chinese manufacturing as a result of the tightening measures.　　However, HSBC believes that fears of a hard landing for China's economy are exaggerated; existing large-scale investment in construction and flexible private consumption will support around 9% growth in the second half of the year. For the first time in a 15-month period, the number of new businesses that manufacturers received fell in June, albeit marginally, but marked by a reversal of strong growth trends throughout the first quarter of this year. The respondents, who reported a reduction in new orders, generally agreed that this reflected a weakening of market demand. New orders from overseas were also reduced in June, the largest since last March.　　Manufacturers generally say that the decline in new export business reflects weak global demand. Output prices for the manufacturing sector fell for the first time in 12 months in June, a mild decline, in stark contrast to the strong rally at the start of the year. The survey showed lower output prices, reflecting reduced input costs and, in part, customer demand for lower prices. (To Micro)