All around Asia, PMIs are tumbling… except for China’s government-sponsored Manufacturing PMI. This week saw Aussie Services PMI (linked significantly to China) tumbled to 2014 lows, Japan’s PMI drop, and China’s own Services PMI disappoint and fade to 2-month lows. So where is all this exuberance coming from in China’s manufacturing industry (despite a 8-month in a row drop in employment)? We don’t know; but the fact that China coal prices just hit a record low hardly supports the smog-choking industry of China being at 7-month highs…