China's factory output shrinks to six and half year low
Updated: Aug 21, 2015 03:49:02pm
Beijing, Aug 21 (KNN) Activity in China's factory sector shrank at its fastest pace in almost six and a half years in August as domestic and export demand dwindled, a private survey showed.
The preliminary Caixin/Markit China Manufacturing Purchasing Managers’ Index (PMI) was at 47.1 in August.
The data came more than a week after China devalued its currency in a surprise move.
A reading above 50 indicates expansion from the previous month, while a reading below 50 indicates contraction.
The reading was the worst since March 2009, in the depths of the global financial crisis, and the sixth straight one below the 50-point level, which separates growth in activity from contraction on a monthly basis.
The China economic slowdown has raised concerns over the world economies, which were already high on edge after world’s second largest economy devalues its currency in a surprise move. (KNN Bureau)
The preliminary Caixin/Markit China Manufacturing Purchasing Managers’ Index (PMI) was at 47.1 in August.
The data came more than a week after China devalued its currency in a surprise move.
A reading above 50 indicates expansion from the previous month, while a reading below 50 indicates contraction.
The reading was the worst since March 2009, in the depths of the global financial crisis, and the sixth straight one below the 50-point level, which separates growth in activity from contraction on a monthly basis.
The China economic slowdown has raised concerns over the world economies, which were already high on edge after world’s second largest economy devalues its currency in a surprise move. (KNN Bureau)
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