China manufacturing weakens in November

China manufacturing weakens in November

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Manufacturing activity in China shrank in November for the first time in three years, raising questions about whether China's economy will remain resilient amid a global downturn, The Wall Street Journal reported. The Purchasing Managers Index released by China's government Thursday dropped to 49 in November from 50.4 in October, below the consensus forecast of 49.7 and the first reading below 50 since February 2009. A separate PMI issued by HSBC (HBC.NYSE, HSBA.LSE, 0005.HKG) and Markit gave a reading of 47.7 in November, down from 51 in October and the weakest reading since March 2009. Beijing has already begun to loosen monetary policy in anticipation of the slowdown, announcing a decision Wednesday to cut the reserve requirements for banks for the first time in three years.