- For the last five years, China's Flash PMI has been sponsored by HSBC, and it's given investors one of the better early and non-official insights into the performance of the Chinese economy.
- That sponsorship will end this month, and HSBC is spinning its decision not to renew as a refocus of marketing dollar to other projects. One might think other banks would leap at the chance to replace HSBC - thus branding itself as an authority on the Chinese economy - but none have yet stepped forward.
- It suggests a different reason for the move: The HSBC/Markit PMI has consistently shown a darker picture for the economy than the official PMI released by the country's National Bureau of Statistics. For a bank looking to do business in China, it's perhaps not the best idea to attach your name to an economic index at odds with Beijing's narrative.
- Previously: China plunges deep into the red (June 26)
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