Barclays Capital said in a report released on Friday that their soft landing narrative for China remains firmly in tact.

FORBES: China Hard Landing Narrative R.I.P. 2012

Still, the below-50 readings in the HSBC PMI suggest that activity and demand remain soft and that a strong rebound in the fourth appears unlikely, Barclays Capital analysts led by Jian Chang in Hong Kong warned on Wednesday.

FORBES: China Avoiding Crash Landing