China’s manufacturing sector contracted in November, marking the first decline since February 2009, according to government figures.
The official purchasing managers’ index (PMI) fell to 49.0 in November from 50.4 in October, according to the National Bureau of Statistics. A reading of more than 50 signals expansion while a reading below 50 means the sector contracted.
In a surprise move that was clearly timed to offset the negative impact of Thursday’s PMI number, China’s central bank kicked off a new round of monetary easing on Wednesday evening by announcing a cut in the reserve ratio for banks for the first time in three years.
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