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Manufacturing sector heading towards 7-month low
By Wang Yanlin |
February 21, 2011, Monday
|
Online Edition
Online Edition
CHINA'S manufacturing activities may cool down to a seven-month low in February amid tightening measures, a survey showed today.
The HSBC Flash China Manufacturing Purchasing Managers' Index, a newly launched indicator to measure industrial activities across the country, settled at 51.5 this month, down from the final HSBC PMI of 54.5 in January.
The bank started this month to publish the flash data on a monthly basis about one week before the final PMI. It was based on more than 85 percent of total PMI survey responses and was designed to provide an indication of the final PMI data as the earliest available indicator of China's manufacturing sector.
"Flash PMI data point to a meaningful slowdown," said Qu Hongbin, chief economist at HSBC. "The Spring Festival holiday may be a factor but not the only reason. It also implies that quantitative tightening has started to filter through yet still more needs to be done to check inflation."
China's central bank ordered banks to put aside more money as reserves last Friday to tame price rises and asset bubbles. It was the second such move within a month and ten days after an interest rate increase.
The HSBC Flash China Manufacturing Purchasing Managers' Index, a newly launched indicator to measure industrial activities across the country, settled at 51.5 this month, down from the final HSBC PMI of 54.5 in January.
The bank started this month to publish the flash data on a monthly basis about one week before the final PMI. It was based on more than 85 percent of total PMI survey responses and was designed to provide an indication of the final PMI data as the earliest available indicator of China's manufacturing sector.
"Flash PMI data point to a meaningful slowdown," said Qu Hongbin, chief economist at HSBC. "The Spring Festival holiday may be a factor but not the only reason. It also implies that quantitative tightening has started to filter through yet still more needs to be done to check inflation."
China's central bank ordered banks to put aside more money as reserves last Friday to tame price rises and asset bubbles. It was the second such move within a month and ten days after an interest rate increase.
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