Banknotes of Renminbi arranged for photography on July 03 2018 in Hong Kong, Hong Kong.
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China’s factory activity contracted for a fourth consecutive month in January, underscoring the much-needed litany of policy support for the world’s second-largest economy which Beijing announced last week.
The official manufacturing purchasing managers’ index rose slightly to 49.2 in January from 49 in December, according to data from the National Bureau of Statistics released Wednesday. This was similar to the median forecast in a Reuters poll.
The official non-manufacturing managers’ index rose to 50.7 in January from 50.4 in December, according to the same NBS release.
A PMI reading above 50 indicates expansion in activity, while a reading below that level points to a contraction.
This is a developing story. Please check back for more updates.
This story originally appeared on CNBC
