China’s Official PMI Edges Down To 49.6 In November

China’s official manufacturing purchasing managers index (PMI), the bellwether of large industrial firms, edged down to 49.6 in November from 49.8 in October.

The market has been expecting the indicator to remain flat. This is the lowest reading since August 2012 and the fourth consecutive month below the benchmark level of 50, suggesting that the contraction in the manufacturing sector continues.

"With soft growth momentum and deflation pressures creeping up, we expect the authorities to further ease monetary policy and continue to implement an expansionary fiscal policy in order to prevent further slowdown of the economy in 2016," says a research report by ANZ.

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