22 November 2012 02:31 [Source: ICIS news]
SINGAPORE (ICIS)--HSBC’s November flash purchasing managers’ index (PMI) for China rose to a 13-month high at 50.4, signalling that the country’s manufacturing activity is expanding amid an increase in new-export orders.
The flash PMI number for November was 0.9 points higher than the final reading of the HSBC China manufacturing PMI in October at 49.5, HSBC said in a statement.
A figure above 50 indicates an expansion, while a figure below 50 represents a contraction.
“This confirms that the economic recovery continues to gain momentum towards the year-end,” HSBC chief China economist Hongbin Qu said.
“However, it is still the early stage of recovery and global economic growth remains fragile. This calls for a continuation of policy easing to strengthen the recovery,” Qu added.
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