China manufacturing grows for first time in six months: HSBC
Published on Jun 23, 2014 11:23 AM
BEIJING (AFP) - China's manufacturing activity expanded in June for the first time this year as the effects of Beijing's mini-stimulus on the world's second-largest economy gradually kick in, HSBC said Monday.
The bank said in a statement that its preliminary purchasing managers index (PMI), which tracks activity in China's factories and workshops, came in at 50.8 this month, the highest since November's identical figure.
It was also the first time since December that the index has been above the 50-point break-even level, suggesting the sector is expanding, according to data compiled by financial information services provider Markit and released by HSBC.
The indicator is a closely watched gauge of the health of the Asian economic powerhouse and key driver of global growth.
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