China's manufacturing slows to 7-month low: HSBC
Updated: 2013-05-23 13:34
BEIJING - China's manufacturing activity fell into contraction for the first time since October, a preliminary survey from the HSBC showed.
The HSBC Flash Manufacturing Purchasing Managers' Index (PMI) for May fell to 49.6 in May, dropping under the boom-bust line of 50 for the first time since October, according to figures released by HSBC on Thursday.
Qu Hongbin, chief economist of the HSBC China, said that weak demands at home and abroad have dragged down the preliminary PMI reading and the country is facing rising downward risks in the second quarter.