The latest China manufacturing PMI new export order index reported as 52.4 before market open on 1 March, suggesting the strongest expansion since March 2011. (source: National Bureau of Statistics). The PMI indices measure sequential changes and value above 50 for this index suggests expansion. Since January 2011 this index has produced only 51 expansionary values against 95 contractionary values. This latest print of 52.4 however contrasts with the anecdotal stories we heard about the current