China manufacturing growth slows in Feb.: HSBC
HONG KONG (MarketWatch) — Chinese manufacturing activity expanded at a slower rate in February as new export orders and the backlog of existing work decreased, the initial reading of a survey by HSBC showed Monday. The preliminary or “flash” Purchasing Managers’ Index for February came in at 50.4, a four-month low, compared with a final PMI print of 52.3 in January. A reading above 50 indicates an expansion in activity. Hongbin Qu, chief China economist at HSBC, said the data suggested the Chinese economy was still on track for a gradual recovery. “The underlying strength of Chinese growth recovery remains intact, as indicated by the still-expanding employment and the recent pick-up of credit growth,” Qu added.
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