China's National Bureau of Statistics will release its June manufacturing PMI report. The headline number crossed Bloomberg at 8:59 p.m. ET.
The headline number fell to 50.1 from 50.8 in May.
This was right in line with expectations.
Any reading below 50 signals contraction, so this deteriorating number reflects just marginal expansion.
China is the world's second largest economy and one of the remaining engines of global growth.
Here is a breakdown of the last two month's PMI reports:
| June 2013 ||May 2013|
|New export orders||na||49.4|
|Backlog of work||na||44.9|
|Inventories of finished goods||na||48.6|
|Inventories of raw materials||47.4||47.6|
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Business Activity Expectation
Earlier today, we learned that South Korean exports unexpectedly contracted in June. Korea is facing its own challenges, especially as its currency strengthens substantially against the Japanese yen. Still, its exports are hugely exposed to mainland Asia, and is therefore sensitive to demand out of China.
All of this comes as interest rates rise in China, signaling financial stress. For the most part, China and its central bank has been standing by quietly.
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