China manufacturing at more than 3-year low: HSBC
Published on Sep 3, 2012 2:10 PM
BEIJING (AFP) - China's manufacturing activity fell to its lowest level in more than three years in August as the global economic slowdown continues to weigh on the world's largest exporter, HSBC said on Monday.
The final reading of the British banking giant's closely-watched purchasing managers' index (PMI), which gauges nationwide manufacturing activity, slid to 47.6 last month from 49.3 in July, HSBC said in a statement.
This was the lowest since March 2009 and marked the tenth consecutive monthly fall, the bank said. It chimed with the official PMI figure released on Saturday, which hit a nine-month low of 49.2.
A PMI reading above 50 indicates expansion, while one below 50 points to contraction.
To continue reading, log in if you are a subscriber
Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!