Chinese Corruption Probe Pivots To Bankers As Manufacturing Contracts At Fastest Pace Since August 2012

Sunday, February 1, 2015
By Paul Martin

by Tyler Durden
ZeroHedge.com
02/01/2015

With all eyes on China as the great Eastern hope for putting a floor under crude oil prices, last night’s dismally disappointing Manufacturing PMI print looks set to remove that last pillar of ‘demand’ – artificial or not. Having fallen 6 months in a row and printing 49.8, missing expectations of 50.2 (3rd of last 4 months) and down from the prior 50.1, this is the first official contractionary signal for Chinese manufacturing since September 2012. With Industrial Enterprises in China seeing profits collapse at 8% YoY along with the slowest GDP growth (7.3% of magic unicorns and credit expansion) since Q1 2009, the PMI components’ broad-based weakness show significant signs of a cyclical slowdown. What is perhaps most worrisome though is that with cries for more RRR cuts or government-sponsored largesse, the banking system has, it appears, become the new focus of the nation’s corruption probes as the President of China Minsheng Bank was taken away by the Communist Party‚Äôs Central Commission for Discipline Inspection.

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