Photo Credit: AFP/Getty Images HSBC’s China flash purchasing manager’s index for May should not have spooked investors as it did. The index gave its lowest reading in seven months, at 49.6 against’s April’s 50.4, suggesting that China’s economy had slipped back into contraction, reversing the modest expansion seen since last fall. Yet irregular indicators of China’s slowing economy — and the constraints on policymakers to address it — have been readily…Asia-Pacific,China,HSBC,Li Keqiang,monetary policy,Xi Jinping,Paul Maidment