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China’s caixin manufacturing PMI contracts for first time since 2017

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China’s manufacturing activity showed by a private survey contracted for the first time in 19 months in December as domestic and export orders continued to soften, pointing to a rocky start for the world’s second largest economy in 2019.

The Caixin Manufacturing Purchasing Managers’ Index (PMI) for December, released on Wednesday, fell to 49.7 from 50.2 in November, marking the first contraction since May 2017.

A reading above 50 indicates expansion, while a reading below that . . .

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