CHINA MANUFACTURING SECTOR PIVOTS TO EXPANSION - CAIXIN

The manufacturing sector in China climbed into expansion territory in August, the latest survey from Caixin revealed on Friday with a manufacturing PMI score of 51.0.

That's up from 49.2 in July and it moves above the boom-or-bust line of 50 that separates expansion from contraction.

Supporting the improvement in overall business conditions was a renewed increase in new order intakes. Companies indicated that firmer underlying market conditions had helped to boost client spending. The modest upturn in overall sales occurred despite a further drop in new business from abroad in August, suggesting that stronger domestic demand was the main source of growth.

The downturn in new export orders did ease compared to July, however, and was only mild. Companies responded to greater amounts of new work by expanding production during August. Though modest, the rate of output growth was among the best seen over the past year.

News are provided by InstaForex

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