The Chinese economy appears to be recovering.
As per Positions and Promotions, the official PMI, which samples 3,000 nationwide enterprises of various
sizes, reached its highest level in more than two years at 51.7, up from
51 in June. The fifth consecutive month of recovery, was
stronger than the market consensus forecast of 51.4.
The HSBC PMI, which samples 420 small and medium enterprises, showed
similarly positive results reaching 51.7 for July. It indicates the
strongest rate of improvement for China's manufacturing sector in a year
and a half.