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HSBC: China manufacturing ticks up

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HSBC:  China manufacturing ticks up

China Purchasing Managers Index at highest level in seven months.

The HSBC Flash China Purchasing Managers Index (PMI) rose to a seven-month high in October, coming in at 50.9.  The index was at 50.2 in September.

The new data suggest that China’s mid-year swoon in manufacturing activity continues to recede.

Hongbin Qu, Chief Economist, China & Co- Head of Asian Economic Research at HSBC commented:

“[The rise in China PMI] implies that China’s growth recovery is becoming consolidated into 4Q following the bottoming out in 3Q. This momentum is likely to continue in the coming months, creating favorable conditions for speeding up structural reforms.”

Improvement in manufacturing activity for the month was “broad-based” and “moderate,” according to Qu. Modest increases in overall production, new orders/exports and increased backlogs lead the way.  Employment saw a slight decrease.

 

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