22 August 2013 04:07 [Source: ICIS news]
SINGAPORE (ICIS)--HSBC’s flash manufacturing purchasing managers’ index (PMI) for China rose to a four-month high of 50.1 in August, buoyed by a rebound in new orders and output, the investment bank said on Thursday.
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.
"China's manufacturing growth has started to stabilise on the back of modest improvements of new business and output. This is mainly driven by the initial filtering through of recent fine-tuning measures and companies' restocking activities, despite the continuous external weakness," Hongbin Qu, chief economist, China & co-head of Asian Economic Research at HSBC said.
"We expect further filtering-through, which is likely to deliver some upside surprises to China's growth in the coming months," he added.
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