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Xinhua: HSBC January Chinese PMI Hit Six-Month Low

Xinhua recently reported that the newly released HSBC January Chinese Manufacturing PMI (Purchasing Managers Index) number showed a six-month low, at 49.5. This is the first time since August 2013 that the number fell below 50. Qu Hongbin, HSBC Chief Economist of the China Region, commented that the Chinese manufacturing industry demonstrated a very weak start in 2014, mainly caused by the low volume of new export orders and the low level of domestic business activities. Companies surveyed suggested that some primary export markets are seeing a lower demand. Qu suggested that the decision makers should pay attention to the risks, which may require policy adjustments. PMI is an indicator of financial activity reflecting purchasing managers’ acquisition of goods and services. A PMI number below 50 typically reflects a decline.
Source: Xinhua, January 30, 2014