China’s manufacturing PMI hits two-year low in July
A separate official manufacturing PMI compiled by China’s National Bureau of Statistics (NBS) and the China Federation of Logistics and Purchasing, meanwhile, edged down to a reading of 50 in July from 50.2 in June.
Analysts stated that steep declines in China’s stock market in late June and July contributed to the persistent weakness in the country’s manufacturing sector along with a weak property market and stagnant demand.
In the second quarter, China’s economy grew 7% compared with the same period of 2014. Although the country’s Q2 growth rate beat economists’ initial estimates, it still represented the slowest pace seen in six years.
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