China\'s manufacturing activity contracted for an 11th straight month in September, banking giant HSBC said on Thursday, as factories struggled with weak demand and hard-to-sell inventories.
The preliminary reading of the purchasing mangers\' index (PMI) released by the British bank hit 47.8 this month, a mild improvement from a final reading of 47.6 in August, HSBC said in a statement.
But the latest reading marked nearly a year of continuous contraction since November, underscoring broader economic weakness and shrinking demand in key overseas markets.
The index is closely watched as it gauges nationwide manufacturing activity, a key sector of the world\'s second-largest economy. A PMI reading above 50 indicates expansion, while anything below 50 points to contraction.
The preliminary reading of the purchasing mangers\' index (PMI) released by the British bank hit 47.8 this month, a mild improvement from a final reading of 47.6 in August, HSBC said in a statement.
But the latest reading marked nearly a year of continuous contraction since November, underscoring broader economic weakness and shrinking demand in key overseas markets.
The index is closely watched as it gauges nationwide manufacturing activity, a key sector of the world\'s second-largest economy. A PMI reading above 50 indicates expansion, while anything below 50 points to contraction.