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Weak exports may drag down February PMI
By Wang Yanlin |
February 22, 2012, Wednesday
|
Online Edition
Online Edition
CHINA'S manufacturing activities may contract for a fourth consecutive month in February as export orders fell sharply, a preliminary reading for the HSBC Purchasing Managers' Index showed today.
The HSBC Flash PMI, the earliest available indicator of China's industrial sector, stood at 49.7. It reached a four-month high but was still less than 50, which separates expansion and contraction.
The pace was faster than the final reading of 48.8 in January.
"Growth will continue to slow down, despite a marginal improvement in the headline flash PMI led by quickened production after the Chinese New Year," said Qu Hongbin, chief economist for China at HSBC. "With a meaningful rebound of domestic demand not in sight, external weakness is starting to bite, adding more downside risks to growth."
He suggested the central bank to step up policy easing as inflation pressures may continue to weaken.
Last weekend, the People's Bank of China announced a reserve requirement ratio cut to allow commercial banks to hold more money for lending. The move, effective from this Friday, was regarded as a "mild" easing measure to ensure liquidity and economic growth amid a grim global business outlook.
Among the component indices of the Flash PMI, new export orders dropped below 50 and signaled contraction, the HSBC survey showed. Production remained broadly unchanged.
The HSBC Flash PMI, the earliest available indicator of China's industrial sector, stood at 49.7. It reached a four-month high but was still less than 50, which separates expansion and contraction.
The pace was faster than the final reading of 48.8 in January.
"Growth will continue to slow down, despite a marginal improvement in the headline flash PMI led by quickened production after the Chinese New Year," said Qu Hongbin, chief economist for China at HSBC. "With a meaningful rebound of domestic demand not in sight, external weakness is starting to bite, adding more downside risks to growth."
He suggested the central bank to step up policy easing as inflation pressures may continue to weaken.
Last weekend, the People's Bank of China announced a reserve requirement ratio cut to allow commercial banks to hold more money for lending. The move, effective from this Friday, was regarded as a "mild" easing measure to ensure liquidity and economic growth amid a grim global business outlook.
Among the component indices of the Flash PMI, new export orders dropped below 50 and signaled contraction, the HSBC survey showed. Production remained broadly unchanged.
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