Chinese manufacturing down to eight month low in Nov
The official purchasing managers’ index (CPMINDX) declined to 50.3 in November after posting a final reading of 50.8 in October. Initial estimates called for a reading of 50.5 in a survey conducted by Bloomberg. Any reading above 50 indicates expansion while any reading below 50 indicates contraction.
Meanwhile, China’s central bank unexpectedly cut its interest rates for the first time since July 2012 in order to encourage greater economic activity.
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