24 January 2013 09:14 [Source: ICIS news]
SINGAPORE (ICIS)--HSBC’s flash January purchasing managers’ index (PMI) for China rose to a 24-month high at 51.9, signalling that the country’s manufacturing industry is continuing its expansion.
The figure was 0.4 points higher than HSBC’s China PMI final reading of 51.5 in December, the investment bank said in a statement.
A PMI figure above 50 indicates expansion, while a lower number meant a contraction.
“January’s HSBC China manufacturing PMI rose for the fifth consecutive month to the highest level in two-years, heralding a good start to the new year,” HSBC chief China economist Hongbin Qu said."Despite the still tepid external demand, the domestic-driven restocking process is likely to add steam to China's ongoing recovery in the coming months," Qu said.
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