Silver as an investment

China Manufacturing PMI Jumps To Highest In 2014; What’s Wrong With This Chart?

Despite all the shadow banking system hand-wringing, macro-data-collapsing, real-estate-bubble-bursting, stock-market-tumbling reality facing the Chinese macro, somehow, China’s official government manufacturing PMI just printed 50.8 – its highest in 2014 and the 20th month of expansion in a row. Given the mini-stimulus efforts of the government, perhaps it is not surprising that the official (more SOE-biased) data signals all-clear (when HSBC’s PMI is still in contraction for the 5th month in a row). The employment sub-index fell to a 3-month lows and the Steel industry’s output and new orders has cratered… So what’s wrong with this chart?

 

 

Charts: Bloomberg