China manufacturing estimate reveals sharp decline

A gauge of China's manufacturing activity fell for the third consecutive month in July, reaching an 11-month low. HSBC said its flash China Manufacturing Purchasing Managers' Index "deteriorated at the fastest rate for almost a year in July, signaling one of the steepest downturns seen since the 2008-2009 financial crisis," including the sharpest drop in the employment sector in more than four years.

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