Key Chinese data on the way - BBH

Analysts at Brown Brothers Harriman noted that China reports official and Caixin manufacturing PMIs on Thursday.  

Key Quotes:

"The former is expected at 49.9 and the latter at 50.1.  The economy continues to slow at a manageable pace, but the PBOC has signaled that it remains reluctant to cut rates further, preferring what it calls “prudent” monetary policy.  

Growth has slowed or stayed steady for six straight quarters and the 6.7% rate posted in both Q1 and Q2 is the lowest since Q1 2009.  If the slowdown remains modest, we think PBOC will not ease further for fear of encouraging debt-fueled growth."