Skip to Navigation Skip to Posts Skip to Content
🇨🇳 China's split-survey PMI exposes a domestic demand failure the PBOC is trying to work around
The day in view

🇨🇳 China's split-survey PMI exposes a domestic demand failure the PBOC is trying to work around

Macro Soup Newsroom Macro Soup Newsroom 2 min read

China's May Caixin services PMI hit 54.4, a three-year high, while NBS manufacturing new orders printed 49.9, in outright contraction. The PBOC's answer: drain 682.7bn yuan in net liquidity this week to force bank lending rather than cut rates further.

Screenshot of financial data feed showing China May RatingDog services PMI at 54.4 and composite PMI at 54.0.
RatingDog China services PMI climbed to 54.4 in May, the fastest pace in three months, with the composite at 54.0 as private-sector readings outpace official surveys. Source

Read next

Featured Post The day in view

📰 Daily Macro Roundup: 2026-07-13

3 min read
Paid Post The day in view

🇨🇳 China's AI export boom masks a consumer economy that's still shrinking

3 min read

Become a Member

Daily and weekly briefings on global markets, for self-directed investors who want to be informed, not doomscrolled.

Sign up now

Daily macro and markets briefings for self-directed investors. Global coverage, no doomscrolling.

© 2026 Macro Soup - Macro Soup is an independent publisher of financial news and research. The information provided in this website (the "Content") is general, impersonal, and for informational and educational purposes only. It does not constitute investment, financial, tax, or legal advice, nor a recommendation, offer, or solicitation to buy, sell, or hold any security or investment. Macro Soup has no regard for any recipient's specific investment objectives, financial situation, or needs. Investing involves substantial risks, including possible loss of principal, and past performance is not indicative of future results. You should consult your own advisors before making investment decisions and should double check all Content before you rely on it. Please review the full Disclaimer.