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MNI (Singapore)

Caixin China's manufacturing PMI for January fell 1.8 points on month to 49.1 to hit the lowest level since March 2020 and back below the breakeven 50, indicating economic downward pressure, financial publisher Caixin said on Sunday.

Manufacturing supply and demand weakened across the board. Both the production and new order sub-indices fell below 50 to the lowest level since September 2021, due to the resurgence of Covid-19 cases that led to a decline in sales and a drop in production.

The new export orders sub-index hit a new low in the past 20 months, indicating that the spread of the Omicron virus overseas has significantly curbed external demand.

Caixin's PMI tracks small and medium-sized manufacturers, while the official PMI covering large state-owned companies and released Sunday fell by 0.2 points to 50.1 in January from December.

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