China HSBC PMI at 49.2 in May, contracts third month, export orders near two-year low

Activity in China vast factory sector shrank for a third consecutive month in May as export orders contracted at the sharpest rate in nearly two years, a private survey showed on Monday, suggesting China remains locked in an economic cooldown. The final HSBC/Markit Purchasing Managers' Index (PMI) stood at 49.2 in May, below the 50-point level that separates an expansion from a contraction in activity on a monthly basis. In a sign that China's sputtering economy could face bigger headw