Arab Today, arab today china manufacturing at 28month low
Last Updated : GMT 23:36:45
Arab Today, arab today
Arab Today, arab today

China manufacturing at 28-month low

Arab Today, arab today

Arab Today, arab today China manufacturing at 28-month low

Beijing - AFP

Manufacturing activity in China contracted for the first time in a year in July to hit a 28-month low, early HSBC data showed Thursday, the latest sign monetary tightening measures are being felt. However, the figures also indicated that despite several interest rate hikes aimed at tempering stubbornly high inflation the cost of raw materials continued to rise. HSBC\'s preliminary purchasing managers index fell to 48.9 in July from a final reading of 50.1 in June, the British banking giant said. A reading above 50 indicates the sector is expanding, while a reading below 50 indicates contraction. The July reading, which is subject to revision when the bank publishes its final figures on August 1, was the lowest since March 2009 and fell below 50 for the first time since July 2010. \"We expect industrial growth to decelerate in the coming months as tightening measures continue to filter through,\" HSBC chief economist Qu Hongbin said in a statement. Qu said the world\'s second-largest economy is still likely to grow nearly nine percent in the rest of the year, supported by resilient consumer spending and continued massive investment in infrastructure projects. The contraction in July may be partly due to seasonal factors such as a regular decline in orders during the summer months as foreign customers go on holiday, Yao Wei, a Hong Kong-based economist with Societe Generale, told AFP. It also showed that many small and medium-sized firms, which the HSBC survey focuses on, had been hit hard by tighter credit conditions as Beijing stepped up measures to curb bank lending, she said. But what will likely worry policymakers is data showing input prices, including costs of raw materials and fuels, rose at a faster rate in July than the previous month, indicating manufacturers remain under significant inflationary pressure. Chinese officials have been pulling on a variety of levers to prevent the economy from overheating and rein in inflation -- which hit a three-year high of 6.4 percent in June -- amid fears high prices could trigger social unrest. In a bid to stop money flooding the system Beijing has increased the amount banks must hold in reserve several times -- which cut lending 10 percent in the first half of 2011 -- while interest rates have risen five times since October. Economic growth slowed to 9.5 percent in the second quarter from 9.7 percent in the first three months of the year and 9.8 percent in the fourth quarter of 2010. Manufacturing accounts for nearly 50 percent of China\'s economy so a contraction in the sector will impact overall growth, Yao said. But authorities were unlikely to scrap tightening measures as the slowdown, was tolerable so far, she added.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today china manufacturing at 28month low Arab Today, arab today china manufacturing at 28month low

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today china manufacturing at 28month low Arab Today, arab today china manufacturing at 28month low

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today Barcelona through George Orwell’s eyes

GMT 13:44 2017 Friday ,20 October

Barcelona through George Orwell’s eyes
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Tillerson heads to Gulf, downbeat

GMT 09:23 2017 Friday ,20 October

Tillerson heads to Gulf, downbeat
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Sweden to get biggest car factory

GMT 14:10 2017 Friday ,20 October

Sweden to get biggest car factory
Arab Today, arab today Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Actress Shery Adel happy for Egypt’s qualification

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 07:47 2017 Tuesday ,17 October

Hussein Fahmy happy for honoring in festival

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 06:43 2017 Wednesday ,18 October

Fake dentists ply brisk trade

GMT 06:49 2017 Tuesday ,17 October

EasyJet, Lufthansa among seven to bid

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday