China's manufacturers have picked up the pace this month, with a 51.2 preliminary reading for the purchasing managers' index from HSBC Holdings and Markit Economics topping expectations. The index is up from 50.1 last month, on a scale in which anything above 50 indicates expansion. "China's growth rebound has continued to gather some momentum, especially in exports," said Wang Tao, head China economist for UBS in Hong Kong.

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