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China : China manufacturing stuck in contraction: HSBC
Publish Date : 21-Sep-2012
China\'s manufacturing activity contracted for an 11th straight month in September, banking giant HSBC said on Thursday, as factories struggled with weak demand and hard-to-sell inventories.
The preliminary reading of the purchasing mangers\' index (PMI) released by the British bank hit 47.8 this month, a mild improvement from a final reading of 47.6 in August, HSBC said in a statement.
But the latest reading marked nearly a year of continuous contraction since November, underscoring broader economic weakness and shrinking demand in key overseas markets.
The index is closely watched as it gauges nationwide manufacturing activity, a key sector of the world\'s second-largest economy. A PMI reading above 50 indicates expansion, while anything below 50 points to contraction.
