China PMI contracts with EU turmoil affecting global demand

China’s official Purchasing Managers Index (PMI) fell into contractionary territory in November, for the first time since February 2009, showing that the economic crisis in the EU is having a significant impact on demand.

Separately, the final HSBC China Manufacturing Purchasing Managers Index, a gauge of nationwide manufacturing activity, fell to 47.7 in November compared with 51 in October, HSBC said recently.

The new export orders index also declined sharply, to 45.6 in November from 48.6 in October.

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