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🇨🇳 China's PMIs split in April: manufacturing held, services contracted, and stimulus still hasn't closed the demand gap
The day in view

🇨🇳 China's PMIs split in April: manufacturing held, services contracted, and stimulus still hasn't closed the demand gap

Macro Soup Newsroom Macro Soup Newsroom 2 min read

Manufacturing PMI fell to 50.3 in April from 50.4; services slipped into contraction. The 145% US tariff wall is landing on a domestic demand gap that stimulus hasn't closed, and the pre-tariff order cushion that propped up the headline won't last into Q2.

PBOC liquidity operations chart
Chart depicting PBOC's ¥414.1 billion liquidity injection this week (as of May 2, 2026). Source

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