NewsColony Private survey shows China’s manufacturing sector grew in August at fastest pace in nearly 10 years Results of a private survey on Tuesday showed China’s manufacturing activity expanded in August at the fastest pace in nearly a decade. The Caixin/Markit manufacturing Purchasing Managers’ Index (PMI) came in at 53.1 for August, compared to 52.8 in July. Economists polled by Reuters had expected Caixin/Markit manufacturing PMI to come in at 52.7. PMI readings above 50 indicate expansion, while those below that level signal contraction. The readings are sequential and indicate on-month expansion or contraction. The expansion in August was the fastest since January 2011, Caixin and IHS Markit said in their joint report. “Manufacturing demand and supply continued to recover, and overseas demand started to pick up,” wrote Wang Zhe, a senior economist at Caixin Insight Group. In August, “the subindices for output and total new orders again hit their highest levels since
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