China's finance ministry says profits at state-owned firms were +10.9% y/y in January- May

China's MoF trying pump out something positive after the sad looking manufacturing PMI?

• China June PMIs: Manufacturing 49.0 (expected 49.0) & Services 53.2 (expected 53.7)

MoF:

Profits at Chinese state-owned firms grew 10.9% year-on-year in January-May

• compared with in the first four months of the year when the number was +15.1% y/y