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ANZ analysts note that the China’s PMI data for April show an improvement over the Q1 average of 49.7 amid a jump in new export orders.

Key Quotes

“Although the decline in the headline PMI likely reflects a seasonal correction, it does suggest that the extent of reflation this year is slightly less than that seen in early 2016.”

“The PMI of small enterprises improved for the second consecutive month, reaching a six-month high of 49.8 on the back of intensive policy support.”