China's official factory activity skidded to a three-year
low in January, adding to further gloom about the state of the world's
second-largest economy. The official Purchasing Managers' Index stood at
49.4, compared with the previous month's reading of 49.7, deepening the
case for near-term stimulus and marking the sixth consecutive month of
factory activity contraction. The mood was worsened by a private survey
from Markit/Caixin that showed January manufacturing activity shrinking
for the eleventh straight month.
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