The Caixin China Composite PMI data (which covers both manufacturing and services) indicated that growth of Chinese business activity remained modest in May. The Composite Output Index was unchanged from April's reading of 52.3, to signal a steady and moderate pace of expansion. However, growth remained slower than that recorded at the start of 2018.

Latest data signalled that the upturn in activity was broad-based, with both manufacturers and services companies noting increases in output during May. Manufacturing production rose at a fractionally quicker pace than in April, albeit one that was still modest overall. Meanwhile, the rate of services activity growth was unchanged from the previous month, with the seasonally adjusted Caixin China General Services Business Activity Index holding steady at 52.9. However, rates of expansion remained subdued in both sectors compared to those seen earlier in the year.