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China's flash Purchasing Managers Index hits 7-month low in February
CHINA's manufacturing shrank in February to a seven-month low according to a flash Purchasing Managers Index released by HSBC, Bloomberg reported.
The factory reading fell to 48.3 in February from January's final reading of 49.5, which was less than the 49.5 median estimate in a Bloomberg News survey of economists. A number below 50 indicates contraction.
The manufacturing slowdown fueled speculation that Beijing will switch focus in coming months from taming credit growth and financial risks to supporting economic expansion.
Said Citigroup economist Ding Shuang: "It's difficult to pursue two policy goals at the same time. On the one hand, China needs to delever, and on the other hand, it needs to ensure a certain level of growth."
The factory reading fell to 48.3 in February from January's final reading of 49.5, which was less than the 49.5 median estimate in a Bloomberg News survey of economists. A number below 50 indicates contraction.
The manufacturing slowdown fueled speculation that Beijing will switch focus in coming months from taming credit growth and financial risks to supporting economic expansion.
Said Citigroup economist Ding Shuang: "It's difficult to pursue two policy goals at the same time. On the one hand, China needs to delever, and on the other hand, it needs to ensure a certain level of growth."
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