23 Jun '11, 7am

China's manufacturing at 11-mth low in June: HSBC

China's manufacturing at 11-mth low in June: HSBC

Growth in China's manufacturing activity fell to an 11-month low in June, preliminary HSBC data released on Thursday showed, as Beijing's efforts to cool the red-hot economy continued to bite. -- PHOTO: AP BEIJING - GROWTH in China's manufacturing activity fell to an 11-month low in June, preliminary HSBC data released on Thursday showed, as Beijing's efforts to cool the red-hot economy continued to bite. HSBC's preliminary purchasing managers index fell to 50.1 in June from a final reading of 51.6 in May, the British banking giant said, showing the sector barely grew as authorities tightened restrictions on bank lending. A reading above 50 indicates the sector is expanding while a reading below 50 indicates contraction. 'Demand is cooling thanks to the effect of tightening measures and the slackness in external markets,' HSBC chief economist Qu Hongbin said in a statement...

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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