China's September manufacturing PMI eased slightly to 51.1

As restocking seemed to have tapered.

According to UBS Investment Research, September official PMI came in at 51.1 in September, largely flat from August but softening from 51.5 to 50.9 after further seasonal adjustment.

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Readings on new orders were not as strong as in August, and restocking seemed to have tapered. The momentum of production also moderated.

Our reading of the official PMI is largely consistent with a flat HSBC PMI, both suggest that the growth momentum has plateaued in September, though still at a faster pace than in H1 2013.

We expect economic data to be released in the next 2 weeks to show that economic activities have remained solid, though the sequential momentum may have softened slightly.