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MNI BRIEF: Caixin China Nov Manufacturing PMI Falls Below 50

MNI (Singapore)
SINGAPORE (MNI)

Caixin China's manufacturing PMI for November declined 0.7 points on month to 49.9, falling back to the contraction zone below the breakeven 50, indicating a slower recovery of the manufacturing sector, the financial publisher Caixin said on Wednesday.

The manufacturing industry in November saw recovered supply as a power crunch eased but weak demand. The production sub-index rose above 50 after three months in the contraction zone. However, the new order sub-index fell below 50 on sluggish demand, while the resurgence of Covid-19 cases and rising product prices dampened demand.

External demand also remained sluggish, with the new export order sub-index remaining below 50 for the fourth month as exporters reported transportation difficulties amid the pandemic. Caixin's PMI tracks small and medium-sized manufacturers, while the official PMI covering large state-owned companies and released on Tuesday rose by 0.9 points to 50.1 in November from October.

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