3 June 2025 | 11:26AM HKT China: Caixin manufacturing PMI fell notably in May Bottom line: Despite the tariff reduction after the US-China trade talks in Geneva, the headline Caixin manufacturing PMI fell notably to 48.3 in May from 50.4 in April, contrary to market expectations of an uptick. Among the major sub-indexes, the output sub-index decreased the most, followed by the new order sub-index. The divergence between NBS manufacturing PMI, which increased from April to May, and Caixin manufacturing PMI m ...