China's manufacturing sector deteriorated more than originally thought in April, according to the final reading of the HSBC Markit 'flash' PMI.
The index now comes in at 48.9 for the month, versus an original reading of 49.2 and versus expectations that it would only end up at 49.4. The reading is the lowest in twelve months.
A reading above 50 indicates the manufacturing sector is expanding. China's economy grew at a 7 per cent year-on-year pace in the first quarter, the slowest rate of growth in six years. Chinese policymakers are now taking of the 'new normal' - a new period of slower growth, after the economy's dramatic expansion over the previous two decades.
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