Arab Today, arab today hsbc china manufacturing hits 32month low
Last Updated : GMT 20:00:52
Arab Today, arab today
Arab Today, arab today

HSBC :China manufacturing hits 32-month low

Arab Today, arab today

Arab Today, arab today HSBC :China manufacturing hits 32-month low

Shanghai - AFP

China\'s manufacturing activity slumped to its lowest level in 32 months in November, banking giant HSBC said Wednesday, renewing fears the Asian powerhouse is losing steam amid global economic woes. The news comes just days after Vice Premier Wang Qishan, China\'s top finance official, gave a dire warning that the global recession was here to stay and would impact the export-dependent economy due to weakening external demand. The preliminary HSBC purchasing managers\' index (PMI) dropped to 48 in November -- the lowest since March 2009 -- compared with 51 in the previous month, HSBC said in a statement. A reading above 50 indicates the sector is expanding while a reading below 50 suggests a contraction. The final figure will be released on December 1. HSBC chief China economist Qu Hongbin said he expected cooling domestic demand and weakening external demand for China\'s exports heralded a further slowdown in production in coming months. But he added China had more room to ease its tight monetary policy to boost a slowing domestic economy as inflation was now in check. Beijing, anxious about high inflation, has pulled on a variety of levers to curb price rises in the past year, including restricting the amount of money banks can lend and hiking interest rates. The measures appear to have worked, as the nation\'s inflation slowed sharply in October, with the consumer price index rising 5.5 percent year-on-year, the slowest pace since May as food prices fell. \"It will leave more room for Beijing to step up selective easing measures, which should gradually filter through to keep China on track for a soft landing,\" Qu said in the statement. China\'s economic growth eased to 9.1 percent in the third quarter from 9.5 percent in the second quarter, as government efforts to tame inflation and economic turbulence in Europe and the United States curbed activity. Wang warned at the weekend that China needed to fix \"structural problems\" in its financial system to cope with a \"long-term\" global downturn that threatens the world\'s second largest economy. \"For an economy like China that depends heavily on exports, the key is to understand the situation and put one\'s own house in order,\" the state Xinhua news agency quoted him as saying on Saturday. Chinese leaders are trying to shift the country away from exports in favour of greater domestic consumption as the main engine of economic growth. Liu Hongke, a Beijing-based economist at investment bank CCB International, said the latest PMI would boost the case for monetary easing, such as trimming reserve requirements for banks -- the funds they must put aside as reserves. \"This may speed up the loosening of monetary policy,\" he told AFP. China\'s central bank has said in recent weeks it aims to tweak monetary policy by funding sectors in need, such as small enterprises and low-cost housing. Chinese stocks initially reacted with alarm to the latest PMI, falling nearly one percent, but the key Shanghai index later erased most of the losses to end the morning down just 0.32 percent.  

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 hsbc china manufacturing hits 32month low Arab Today, arab today hsbc china manufacturing hits 32month 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 hsbc china manufacturing hits 32month low Arab Today, arab today hsbc china manufacturing hits 32month low

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today unveils Joon - the 'millenials' airline

GMT 13:36 2017 Saturday ,23 September

unveils Joon - the 'millenials' airline
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 US-made bomb used in fatal strike

GMT 10:16 2017 Saturday ,23 September

US-made bomb used in fatal strike
Arab Today, arab today Saudi Arabia to unblock internet calling apps

GMT 11:31 2017 Wednesday ,20 September

Saudi Arabia to unblock internet calling apps
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today All eyes on May as she prepares

GMT 10:16 2017 Friday ,22 September

All eyes on May as she prepares
Arab Today, arab today Puerto Rico, Virgin Islands brace

GMT 12:01 2017 Wednesday ,20 September

Puerto Rico, Virgin Islands brace
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 Carmakers face billions in European

GMT 12:37 2017 Saturday ,23 September

Carmakers face billions in European
Arab Today, arab today Mercedes pumps 1 bln euros    

GMT 06:04 2017 Friday ,22 September

Mercedes pumps 1 bln euros    
Arab Today, arab today Lebleba is preoccupied in filming 'Back Street'

GMT 08:56 2017 Thursday ,21 September

Lebleba is preoccupied in filming 'Back Street'
Arab Today, arab today France hopeful of persuading Trump

GMT 06:21 2017 Wednesday ,20 September

France hopeful of persuading Trump

GMT 08:59 2017 Wednesday ,20 September

Youssra prepares for launching her program

GMT 18:09 2017 Thursday ,21 September

China lifts 10-year travel ban

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 19:18 2017 Monday ,18 September

5,000 'Dieselgate' deaths in Europe per year

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 08:39 2017 Friday ,22 September

New Hurdles as Republicans Rush

GMT 06:49 2017 Friday ,22 September

O'Leary: Could ground more planes

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
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