FT: Caixin PMI pointed to sharpening contraction in May

The Financial Times reporting a review article on the two PMIs from China reported earlier today.

FT notes:

Caixin PMI pointed to sharpening contraction in May

The second consecutive monthly decline for the gauge contrasted with official PMI published earlier by China's National Bureau of Statistics indicating slight expansion rather than worsening contraction

That discrepancy may stem from differences in survey focus: the official manufacturing gauge pays more attention to large-scale, state-owned enterprises in heavy industry, while the Caixin-Markit gauge focuses on smaller-scale private firms