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China manufacturing PMI holds steady at 51.2 in May

China's manufacturing PMI held at 51.2 for the second consecutive month in May, the National Bureau of Statistics reported May 31.

Manufacturing growth came in above Reuters' forecast of 51.0 and notched the 10th straight month above the 50-point mark.

New orders remained at 52.3 in the month, with export orders ticking up to 50.7. Growth in production slowed to 53.4 from 53.8 in April.

The latest figures ease worries over an economic slowdown in China that was punctuated when Moody's recently handed the country its first downgrade in almost three decades.