The health of China’s manufacturing sector, which is the source of most of the world’s T-shirts, iPads and fertiliser, is a crucial indicator for anyone wanting a snapshot of the state of the global economy.
As investors pore over the statistics, the picture has been complicated by two competing indicators of production released by the Chinese government and HSBC that tell almost the opposite story.
In March, China’s purchasing managers’ index surged to 53.1 – its highest level in a year – while HSBC’s measure fell to 48.3. A reading over 50 means factory activity increased, while one below points to contraction.
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