China’s manufacturing activity slipped into contraction in August for the first time in since May 2020, as COVID-19 containment measures, supply bottlenecks and high raw material prices weighed on production, bolstering expectations of stepped-up stimulus from Beijing.
The Caixin/Markit Manufacturing Purchasing Managers’ Index (PMI) fell to 49.2 last month, down from 50.3 in July, breaching the 50-mark that separates growth from contraction.
The index, which mostly track small-sized and private companies, is largely in line with the official reading, which is focused on large and state-owned . . .
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