China’s Official PMI Inches Up To 49.8 In September

China’s official manufacturing purchasing managers index (PMI), the bellwether of large industrial firms, inched up to 49.8 in September from 49.7 in August.

In the meantime, the Caixin manufacturing PMI, a small and medium enterprise private sector focused indicator, fell to 47.2 in September, from 47.3 in August.

"Two straight months of manufacturing sector contraction with a depressed equity market suggests China’s third quarter GDP growth is likely to have slowed to 6.4%," says a research report by ANZ.

The bank expect GDP growth to modestly rebound to 6.8% in the fourth quarter, leading to a full-year growth of 6.8% as monetary policy easing and expansionary fiscal policy gradually take effect.

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