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China’s manufacturing slows to 11 month low in March: HSBC

by ChemOrbis Editorial Team -
  • 24/03/2015 (10:10)
According to a preliminary purchasing managers’ index (PMI) compiled by HSBC and Markit Economics, China’s manufacturing activity declined to an 11 month low in March. HSBC’s PMI for the country’s manufacturing sector decreased to a reading of 49.2 in March after posting a reading of 50.7 in February. Any figure below 50 indicates a contraction. Economists’ initial estimates called for a reading of 50.5 in a survey by Bloomberg.

Analysts commented that the latest data may pressure the government to provide more policy easing to boost the economy if the official data also indicates a slowdown in manufacturing activity.

According to data released by China’s National Bureau of Statistics, the country’s industrial output and retail sales also fell below estimates in the January-February period, which may signal a further slowdown in economic growth. The Chinese government cut their economic growth target for 2015 to around 7% after the economy slowed to 24-year low in 2014 with a growth rate of 7.4%.
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