China Growth Momentum Softens in July as PMIs Fall Below 50
Standard Chartered economists note that China’s July official PMIs for manufacturing, services and construction all slipped below 50, signaling weaker momentum and multi-year lows.
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Economists at Standard Chartered highlighted a renewed softening in China’s growth momentum for July. According to Hunter Chan and Shuang Ding, the official purchasing managers’ indexes for manufacturing, services and construction all contracted, dropping below the 50-point mark that separates expansion from contraction.
The prints are reportedly at multi-year lows, underscoring the loss of momentum in the world’s second-largest economy.
Source: FXStreet Forex News