China's factory activity unexpectedly swung to growth in May from decline, a private sector survey showed on Thursday, driven by improved production and demand, helping struggling firms that have been hit by slumping profits.
China's recovery from its strict COVID curbs has been fragile and uneven, with economic indicators for April showing imports, factory gate prices and property investment all falling.
"Further policy support is still required to boost domestic demand, we reckon a 10 bps MLF rate cut in June," he added. Chinese stocks rose after the better-than-expected PMI data, with the mainland's benchmark CSI 300 and Hong Kong's Hang Seng up roughly 0.6% each.
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