Today was published statistics on the manufacturing PMI in China from the bank HSBC. According to preliminary data, the index fell below 50.0, indicating contraction in the sector. Previous value of the index was 50.7, and now analysts point to a decline to 49.2. It is worth mentioning that the main risk to the economy is the crisis in the construction sector. This situation has a negative impact on the Australian dollar quotations which strongly depends on the demand of Chinese consumers for Australian goods. Therefore, we recommend to open short positions on the Australian dollar and maintain the medium-term negative outlook for the Australian currency.