China’s manufacturing activity grew at its fastest pace this year, according to government official data, a plus amidst the wider economic slowdown.
The official purchasing managers index (PMI) hit 50.8 in the month, up from 50.4 in April, the National Bureau of Statistics said. Any reading above 50 indicates growth.
The official Purchasing Managers’ Index (PMI) rose to 51.4 in October from 51.1 in September and was above analyst expectations for a reading of 51.2. It remained comfortably above the 50-mark that divides expansion from contraction.
According to CNBC.com news report, HSBC said, the final reading of its China October PMI was 50.9, unchanged from a flash estimate released last week. On this measure, the Chinese manufacturing sector grew at its fastest pace in seven months, lifted by new orders.