China's manufacturing sector is in worse shape than expected according to a closely-watched survey, news that will add fuel to the view that the US Fed will hold off raising interest rates until next year.
The Caixin-sponsored preliminary manufacturing PMI reading for September was 47, versus economists' expectations of 47.5. The reading was the worst since April 2008.
Dr. He Fan, Chief Economist at Caixin Insight Group said the manufacturing sector "has reached a crucial stage in the structural transformation process."
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