China’s factory activity slowed less than expected in May, signaling resilience in the world’s second-largest economy.
China’s Manufacturing PMI fell to 51.8 in May from April’s 52.2, beating the 51.4 consensus forecast. The reading indicates continued expansion, though at a slightly slower pace.
Analysts had anticipated a sharper decline amid concerns over domestic demand and global trade tensions. The April print stood at 52.2, while May 2023 recorded 48.8, marking a year-over-year improvement.
The AUD/USD pair held steady near 0.7183, up 0.01% on the day, reflecting muted market reaction to the data.