24 October 2013 08:45 [Source: ICIS news]
SINGAPORE (ICIS)--HSBC’s flash manufacturing purchasing managers’ index (PMI) for China exceeded expectations and hit 50.9 in October, the bank said on Thursday.
A PMI reading above 50 indicates an expansion, while a reading below 50 denotes a contraction in manufacturing activities.
“The figure showed an optimistic future and industrial production will be [on an] uptrend in the fourth quarter,” said Hongbin Qu, chief economist, China, and co-head of Asian economic research at HSBC.
The new export order index reached 50.8. Qu said this means “overseas demand is still not very optimistic” and that an optimistic future for the manufacturing sector will largely depend on “rising domestic demand and stable policy support”.
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