China’s Nov PMI increases at fastest pace in almost 2 years
The country’s economy reportedly grew by 6.7% in Q3 year-on-year and hit its target of 6.5-7% on the back of increasing government spending, bank lending and property market.
The sub-index for factory output rose to a reading of 53.9 in November from October’s 53.3, while the sub-index for new orders increased to a reading of 53.2 when compared to 52.8 in the previous month. It is also reported that the non-manufacturing PMI grew to 54.7 in November when compared to 54 in October, recording the highest level for 2016.
New export orders were broadly unchanged in November from 49.2 in October. However, output and new orders increased, though at a slower pace than October.
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