30 Dec '11, 4am

US, Europe woes hit China manufacturing

US, Europe woes hit China manufacturing

BEIJING: China's manufacturing activity continued to shrink in December, HSBC said Friday, as economic strife in the key European and US markets hobbled demand for the nation's goods. The final HSBC purchasing managers' index (PMI) reached 48.7 in December, slightly better than the 47.7 in November but lower than preliminary PMI of 49 released earlier this month, as new orders dropped. A reading above 50 indicates expansion while a reading below 50 suggests a contraction. While the figures are a slight improvement, the data adds to mounting evidence export-driven China is slowing and will ratchet up pressure on Beijing to further loosen monetary policies to prevent a painful hard landing. Manufacturing activity contracted in November for the first time in 33 months, while consumer prices rose at their slowest pace in more than a year and industrial output growth hit its lo...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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