China official manufacturing PMI rises to 50.8 in May

China's official purchasing managers' index (PMI) rose to 50.8 in May from 50.6 in April, an official survey showed on Saturday, indicating a slight pick-up in China's manufacturing activity.

The PMI reading, published by the National Bureau of Statistics, was stronger than market expectations of 50.1 in a Reuters poll. Also read: Rupee weakness big worry, bearish on infra, metal: Kotak MF A reading above 50 indicates expanding activity while a reading below that level points to a contraction. A sub-index measuring new orders inched up to 51.8 in May from 51.7 in April, indicating stronger demand for Chinese goods. A PMI survey sponsored by HSBC, which focuses more on small- and medium-sized firms in the private sector as compared with the official one, is scheduled to be published on Monday. Its preliminary May reading, published last week, fell to 49.6, slipping under the 50-point level for the first time since October as new orders shrank.