China's manufacturing slows to 11-month low

China's manufacturing activity deteriorated further to a 11-month low in July, results of a business survey by Markit Economics and HSBC Ltd showed Wednesday. The HSBC Flash China Manufacturing Purchasing Managers Index (PMI), a gauge of nationwide manufacturing activity of the world's second-biggest economy, fell to 47.7 percent, the lowest level since last August. June's final reading was 48.2 percent. A PMI reading below 50 percent indicates contraction of the manufacturing sector from the previous month. "The lower reading of the July HSBC Flash China Manufacturing PMI suggests a continuous slowdown in manufacturing sectors thanks to weaker new orders and faster destocking," HSBC economist Qu Hongbin said in a statement. "As Beijing has recently stressed to secure the minimum level of growth required to ensure stable employment, the flash PMI reinforces the need to introduce additional fine-tuning measures to stabilize growth," Qu said. China's economy expanded 7.5 percent year-on-year in the second quarter, further slowing from 7.7 percent growth in the first quarter.