25 February 2013 04:42 [Source: ICIS news]
SINGAPORE (ICIS)--HSBC’s flash February purchasing managers’ index (PMI) slipped to a four-month low at 50.4, moderating from a 24-month high in the previous month.
The figure was 1.9 points lower than HSBC’s China PMI final reading of 52.3 in January, the investment bank said in a statement.
A PMI figure above 50 indicates expansion, while a lower number meant a contraction.
“The Chinese economy is still on track for a gradual recovery,” said HSBC chief China economist Hongbin Qu said.
Despite the moderation of February’s flash PMI, the index recorded the fourth consecutive reading of above 50.
“The underlying strength of Chinese growth recovery remains intact, as indicated by the still expanding employment and the recent pick-up of credit growth,” added Qu.
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