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China’s August manufacturing PMI hits lowest level since 2009

by ChemOrbis Editorial Team -
  • 21/08/2015 (11:03)
According to a preliminary purchasing managers’ index (PMI) compiled by Caixin China and Markit Economics, a gauge of Chinese manufacturing activity sank to a 77-month low of 47.1 in August after posting a reading of 47.8 in the previous month. Economists’ expectations called for a reading of 48.2. Any reading below 50 represents contraction.

The latest data deepened concerns over the country’s ability to meet the government’s 2015 growth rate target of 7%, which already represents the slowest growth seen in 25 years. Some analysts commented that the Chinese government may need to roll out more stimulus measures to avoid further slowing in economy stemming from weak domestic and external demand and a persistently stagnant property market. The government recently devalued the yuan three days in a row last week.

Economists also stated that ongoing weakness in China is exerting downward pressure on global oil, coal, and other basic commodity markets.
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