China's Manufacturing PMI in August Rose to a Final Reading of 50.1 From 47.7 in July

According to HSBC that China's Manufacturing Purchasing Managers Index (PMI) in August rose to a final reading of 50.1 from 47.7 in July, indicating an expansion for the first time in four months from a three-month consecutive downtrend on monthly basis. In addition, the preliminary new orders sub-index in August also climbed to the highest level in four months to 50.8. Hongbin Qu, the Chief economist of HSBC in China said that the PMI reading above 50 in August implies that China's manufacturing sector has started to grow from a modest rebound in new orders and output, added that the rebound was mainly driven by the recent encouraging measures and industries' restocking activities. Meanwhile, according to the data shown by China's National Bureau of Statistics (NBS) on September 1 that the country's official manufacturing PMI for the domestic manufacturing sector climbed for the 11th consecutive month of expansion to 51 in August.