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China manufacturing index at one-year low: HSBC
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CHINA'S manufacturing activity recorded its worst contraction in a year in April, a survey by HSBC showed Monday, as subdued domestic demand weighed on growth in the world's second-largest economy.
The British bank's final purchasing managers' index (PMI) came in at 48.9, below the breakeven point of 50 and the weakest since 48.1 in the same month last year, it said in a statement.
The figure was down from a preliminary reading of 49.2 and marked the second monthly contraction in a row after March's 49.6.
The index, compiled by information services provider Markit, tracks activity in China's factories and workshops and is regarded as a barometer of the health of the Asian economic giant.
"China's manufacturing sector had a weak start to Q2, with total new business declining at the quickest rate in a year while production stagnated," Markit economist Annabel Fiddes said in the statement.
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