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China's Manufacturing PMI reading last night has the industrial giant's economy moving slowly into expansion with its first positive reading in 3 months.   China's October manufacturing index was above the 50 plus level at 50.2, the level matches a 5 month high. HSBC's research indicates China's final Manufacturing PMI to be at 49.5 compared to HSBC's estimates of 49.1.  HSBC's results are sometimes view more reliable as it focuses on more SME's (Small, Medium, Enterprise) still has results hitting 8 month high. The iShares FTSE China 25 Index Fund ( FXI , quote ) ETF can provide a broad exposer.

Expectations are not to expect any large stimulus initiatives from the Chinese government with economic results not all that bad but PBoC will most likely to continue to quietly ease as the PBoC injected CNY379B into the markets this week which is a record, as they pump up liquidity.

Also on the move during the overnight was the Shanghai Property Index printing a huge move in part of the overall resurgence in china flows.

The data along with the chart below of emerging market vs. domestic markets tells us the emerging market trade remains intact as China and Asia continue to trade well.  Emerging markets are not just hair filled markets like Brazil and Russia.

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