23 April 2013 04:41 [Source: ICIS news]
SINGAPORE (ICIS)--HSBC’s flash purchasing managers’ index (PMI) for China fell to a two-month low of 50.5 in April, down by 1.1 points from March as new export orders declined, the investment bank said on Tuesday.
PMI is a barometer of an economy's manufacturing activities, with a reading above 50 indicating an expansion, and a lower number denoting a contraction.
A sub-index measuring new export orders fell to 48.6 in April from 50.5 in March, according to HSBC.
"New export orders contracted after a temporary rebound in March, suggesting external demand for China's exporters remains weak," said HSBC chief economist Qu Hongbin.
"Beijing is expected to respond strongly to sustain the economic recovery by increasing efforts to boost domestic investment and consumption in the coming months," Qu added.
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