China’s factory slowdown has worsened in May. Fresh figures show that activity in China’s factories shrank for a 15th consecutive month in May as new orders kept falling. The Caixin/Markit Manufacturing Purchasing Managers’ Index (PMI) fell to 49.2 points, below market expectations of 49.3, and April’s reading of 49.4. We speak to Nomura’s Chief China Economist, Yang Zhao, who expects three more reserve requirement ratio (RRR) cuts this year to help lift the economy.
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