PMI rises in June

The Purchasing Managers' Index rose in June, marking the fourth straight month that manufacturing activity has expanded, the Wall Street Journal reported, citing data from the China Federation of Logistics & Purchasing. The PMI in June rose to 53.2, up from 53.1 in May. A figure over 50 indicates expansion in manufacturing activity. The PMI data comes two weeks before China is due to release second-quarter economic data and is seen as another indication that China’s economic stimulus plan has led to an economic rebound. The new export orders component of the PMI rose to 51.4 in June from 50.1 in May, suggesting exports may also be showing signs of strength. However, the data also indicated that manufacturers remained cautious about building up inventories.