China's PMI slides to lowest point in 7 months

07/1/2012 | Channel NewsAsia · Reuters · Bloomberg · Financial Times

China's official Purchasing Managers' Index declined to 50.2 in June from 50.4 in May, with the latest reading the lowest since November. "It's clear the slowdown of export growth as a result of weakness in Europe and the U.S. continues to weigh on the Chinese economy," said Lu Ting, head of greater China economics at Bank of America in Hong Kong. Said Shen Jianguang, Hong Kong-based chief Asia economist for Mizuho Securities Asia, "Although the PMI is slightly better than consensus, the underlying trend still indicates a deterioration in economic activity."

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