China’s manufacturing activity at nine-month low

Beijing, June 20 (IANS) China’s manufacturing activities fell to a nine-month low this month, according to a preliminary survey from HSBC.

The HSBC Flash Manufacturing Purchasing Managers’ Index (PMI) for June fell to 48.3, the lowest level since October and down from 49.2 in May, according to figures released by HSBC Thursday.

An index reading above 50 indicates expansion, while a reading below 50 means contraction, reported Xinhua.

Qu Hongbin, chief economist of HSBC China, said China’s manufacturing sectors are weighed down by waning external demand, moderating domestic demand and rising destocking pressures.

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