CHINA’S MANUFACTURING SLUMP DEEPENS

China's manufacturing slump deepens

HSBC economist Qu Hongbin said China‘s manufacturing sector faces “intensifying downward pressure.” Photo Credit:AP

A closely-followed report by bank HSBC, released Monday, said export orders for China’s factories slid at the sharpest rate since March 2009.

The final reading of the British banking giant’s closely-watched purchasing managers’ index, which gauges nationwide manufacturing activity, slid to 47.6 last month from 49.3 in July, HSBC said in a statement.

This was the lowest since March 2009 and marked the 10th consecutive monthly fall, the bank said. It chimed with the official PMI figure released at the weekend, which hit a nine-month low of 49.2.

 

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Read the original article at The Telegraph

Read more:http://times247.com/articles/china-s-manufacturing-slump-deepens#ixzz25QoNWMzR

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