The private‑sector RatingDog Manufacturing Purchasing Managers' Index (PMI) increased to 51.8 in May 2026, surpassing the consensus forecast of 51.4 but declining from April’s 52.2, marking the sixth consecutive month of expansion.
New orders grew on both domestic and export fronts, although export demand showed a slight slowdown compared with the previous month.
The input‑price index remained elevated, driven by ongoing cost pressures from the Middle East conflict, especially in the energy segment.
The RatingDog reading contrasts with the official government PMI released on Sunday, which indicated that manufacturing activity was only marginally in growth territory. The divergence stems from differing survey coverage: the official PMI emphasizes larger state‑run firms primarily in northern China, whereas RatingDog focuses on smaller private enterprises mainly in the south.
Investors typically monitor both the private and official PMI figures to obtain a more comprehensive view of China’s manufacturing health.
Currency movement: the Chinese Yuan appreciated 0.02% against the US Dollar on the day of the release.
