Here Comes HSBC China PMI...

HSBC Flash PMI jumped to a four-month high of 50.1 in August.

Meanwhile, official manufacturing PMI climbed to 16-month high of 51 in August. A reading below 50 signals contraction.

While the official series is still performing better than the HSBC series, both show an improvement in China's manufacturing sector.

China has said that is has suspended industry-specific data from its official PMI report because they couldn't "ensure all industry-specific data can reach accuracy requirements," according to a statistics agency official.

"The official PMI report painted a picture of a domestic demand-led recovery," Societe Generale's Wei Yao said in a note after the official PMI release. "Although we remain cautious of the sustainability of this recovery, given such a momentum, data in the next two months will probably continue on a positive trend."

With China's Q2 GDP slowing to 7.5% and rising concerns about the health of the Chinese economy, Premier Li Keqiang said 7.5% would be the growth floor for 2013.

Here's a look at the trajectory of official and HSBC PMI: