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China’s factory activity expanded at slower pace in May, gauge for raw material prices hit highest in ten years

China’s factory activity expanded at a slightly slower-than-expected pace in May, as surging raw material prices weighed on industrial production.

The official manufacturing purchasing managers’ indices (PMI) fell to 51.0 in May from 51.1 in April, according to the National Bureau of Statistics (NBS). The result was marginally below expected. A reading above 50 indicating expansion in the sector's activities, while a reading below the mark represents contraction.

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