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China’s manufacturing PMI hits 6 years low in Sept

by ChemOrbis Editorial Team -
  • 23/09/2015 (11:08)
According to media reports, Caixin China’s purchasing managers index (PMI) posted the lowest reading seen in more than six years in September. The PMI declined to a reading of 47 in September, down from 47.3 in August. Any reading above 50 indicates an expansion while any reading below 50 represents a contraction. The index now has now shown a contraction for seven straight months.

Analysts commented that persistent weakness in China’s export-led manufacturing sector may force the government to further devalue the yuan in the upcoming months.

Since November 2014, the government has cut the main interest rates five times, offered tax breaks for businesses and accelerated approvals for infrastructure projects in efforts to stimulate the economy.

In 2015, the Chinese government targets economic grow of around 7%, which would be the slowest growth rate seen in more than two decades.
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