Chinese PMI Rises To 51.0, Surpassing Expectations

Here's more evidence of a medium-term recovery in China.

The official PMI reading for August has risen to 51.0, vs. 50.3 last month, and 50.6 expected (via ForexLive).

Chinese growth has been underwhelming this year, but the last couple of months have seen somewhat better data, which makes a "hard landing seem a bit less likely."

The Markit HSBC PMI will be released tomorrow evening, so the markets can get a second opinion on the recovery.