|08-21-2014, 03:56 PM||#1|
China`s HSBC manufacturing PMI below estimates in August
China HSBC manufacturing PMI dropped below estimates in August, raising concerns that the world`s second largest economy may not realize the targeted growth of 7.5%,, especially after credit slowdown.
The preliminary reading of China`s HSBC manufacturing Purchasing Managers` index (PMI) came in at 50.3 in August compared with a previous 51.7, while analysts` estimates referred to 51.5.
Moreover, the drop in manufacturing activity came after data last week showed china`s credit growth slowed during July, while investment spending declined as well, adding challenges against Premier Li Keqiang`s government. The central bank also ensured that it will keep following a "prudent" monetary policy, while any further deterioration in the third quarter may force a looser setting.
On the bright side, Chinese exports grew 14.5% in July from a year earlier, as the gradual recovery in the U.S. and Europe helped demand to pick up. However, a number of obstacles are still standing in the U.S. and Europe, so the pick up in demand may not last.
As for the monetary policy, an official report released earlier said that the People`s Bank of China will follow monetary easing in the second half of this year. Yet, economists are afraid that such policy will be affecting financial stability.
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