Preliminary manufacturing PMI beats expectations

Workers assemble molybdenum refining equipment at a Citic Heavy Industries Co Ltd plant in Luoyang, Henan province. Huang Zhengwei / For China Daily

A preliminary Purchasing Managers Index for China's manufacturing sector in May has beaten expectations, suggesting that the economy is stabilizing.

The PMI, released by HSBC Holdings Plc and Markit Economics, was at 49.7, exceeding the 48.3 median estimated by analysts. It was also a big rise from a final reading of 48.1 in April.

At the same time, the number remained below the expansion-contraction mark of 50. The final reading will be released June 3.