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China’s Aug manufacturing PMI posts strongest pace in nearly two years

by ChemOrbis Editorial Team -
  • 01/09/2016 (14:27)
According to media reports, data released by China’s Customs Administration showed that the country’s official Purchasing Managers’ Index (PMI) grew at its fastest pace in nearly two years in August, rising to a reading of 50.4 in August from 49.9 in July on the back of stronger construction output. Any figure above 50 represents an expansion while any figure below 50 shows a contraction. Analysts’ expectations had called for a reading of 49.9 due to plant shutdowns ahead of the G20 Summit.

The index for factory output rose to a reading of 52.2 from July’s 52.1, hitting the highest level this year while total new orders expanded sharply despite falling exports orders. An economist from Commerzbank AG reportedly commented that although many factories shut their plants due to the G20 Summit, China’s overall manufacturing activities improved probably on the back of improving growth momentum following the government’s monetary stimulus.

Meanwhile, the Caixin/Markit Manufacturing Purchasing Managers’ index (PMI), a private sector company focusing more on small and mid-sized firms, declined to a reading of 50 in August from 50.6 in July. According to Caixin, indexes of output and new orders declined from the previous month.
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