posted at 18:50
Author Name: Myles Udland
HSBC August China Manufacturing PMI
HSBC's final August China manufacturing PMI came in light at 50.2. Expectations were for the reading to come in at 50.3, unchanged from the "Flash" reading reported earlier this month. This is also lower than 51.7 report in July, which was an 18-month high. A reading above 50 indicates expansion in the economy, while a reading under 50 would indicate contraction. The report said, "The decline in the headline index partly reflected slower expansions of both output and total new business during August." HSBC's manufacturing reading on China also follows official data released by China's National Bureau of Statistics earlier this evening, which showed that manufacturing slowed in August to 51.1. The official state reading was also slightly below the 51.2 expected by economists. Dariusz Kowalczyk at Credit Agricole said ahead of the report that, "The data will highlight renewed downward pressure on the Chinese economy emerging in the summer, but it should also prompt more policy easing measures from Beijing, and is therefore going to have only a limited negative impact on market sentiment."

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