Chinese manufacturing slumped in June, according to HSBC Bank. The country’s PMI, a barometer of confidence in manufacturing activities, dipped to 48.1 this month down from 48.4 in May amidst sagging exports and weak domestic demand. A PMI above 50 signals expansion in manufacturing activity whereas a reading below 50 is a sign of contraction.
Qu Hongbin, HSBC’s co-head of Asian economic research, pointed to the troubled global economy which has been a drag on Chinese exports. “With external headwinds remaining strong, exports are likely to decelerate in the coming months,” he said.
Via The Guardian.
