Positive China signal as official PMI shows growth
China's manufacturing activity expanded in December for a third
straight month, official data showed Tuesday, adding to signs the
world's number two economy is emerging from a prolonged downtrend.
The official purchasing managers' index (PMI) stood at 50.6 in
December, unchanged from the previous month, according to the China
Federation of Logistics and Purchasing and the National Bureau of
Statistics.
The PMI is a widely watched barometer of the health of China's
economy, with a reading above 50 indicating expansion while anything
below points to contraction. October's reading was 50.2, after two
months in negative territory.
The December result remained the joint-highest since April, but fell
short of the median 51.0 forecast of five economists polled by Dow Jones
Newswires.
The data came a day after banking giant HSBC's own PMI survey reached
a 19-month high of 51.5, from 50.5 in November. Bank of America Merrill
Lynch economists Lu Ting and Hu Weijun questioned whether the official
PMI data may have been slightly massaged.
AFP
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